McKinsey profits from fossil fuel clients while pledging climate progress
The prestigious consulting firm McKinsey & Company has advised major fossil fuel producers on sustaining and expanding operations, even as it publicly promotes its role in climate solutions.
Ben Stockton and Hajar Meddah report for The Guardian
In short:
- McKinsey has worked extensively with oil giants like Saudi Aramco and Koch Industries, advising on fossil fuel strategies while maintaining a public image as a leader in decarbonization.
- Internal documents and interviews reveal tensions within the firm, with employees challenging its support for coal and oil ventures that undermine global climate goals.
- In countries like India and Saudi Arabia, McKinsey has advised on projects that boost fossil fuel use, contradicting its public sustainability commitments.
Key quote:
“Our positive impact in other realms will mean nothing if we do not act as our clients alter the earth irrevocably.”
— Internal letter signed by over 1,100 McKinsey employees
Why this matters:
McKinsey’s dual role in aiding fossil fuel expansion and promoting green initiatives reveals a disconnect that undermines global climate efforts. The firm's influence in shaping energy policies worldwide has far-reaching consequences for the planet's ability to meet climate targets.
Related: Climate policies need polluters to pay for real impact, study finds
