Are we witnessing the beginning of the end for fossil fuels?

This Earth Day, Outrage + Optimism explores a seismic shift in global energy: the possibility that major oil and gas companies are entering a self-managed decline. Have fossil fuel companies been overvalued for decades? And are they now quietly winding themselves down?

For years, analysts and campaigners have questioned why these companies are valued as if they'll pump oil forever. With rising climate risks, tightening regulation, and growing investor scrutiny, the foundations of their business model have looked increasingly shaky.

Now, something remarkable is happening. From Exxon to Shell, oil majors are cutting back on capital investment, failing to replace their reserves, and instead handing profits back to shareholders. Could this be the beginning of an industry in managed decline?

In this Earth Day special, Christiana Figueres, Tom Rivett-Carnac, and Paul Dickinson sit down with Mark Campanale, founder of Carbon Tracker and the originator of the ‘stranded assets’ concept that helped launch the global divestment movement.

Is this truly the start of fossil fuel’s final chapter? Or is it a strategic pivot - away from fuels and toward petrochemicals, plastics, and a long tail of influence?

Learn more

🏛️ Adam Serwer’s article, ‘The Constitutional Crisis is Here’ in The Atlantic

🖍️ Reporting on the White House deportation cartoon

🚨 Ezra Klein’s video on illegal deportation, ‘The Emergency is Here’

🏳️ Harry Benham’s Substack piece, ‘Leaving the battlefield: oil companies are quitting renewables, yes, but also quitting energy’

🌍 Carbon Tracker’s Paris Maligned

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Producer: Ben Weaver-Hincks

Video Producer: Caitlin Hanrahan

Exec Producer: Dino Sofos

Commissioning Editor: Sarah Thomas

This is a Persephonica production for Global Optimism and is part of the Acast Creator Network.

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