Ever since the historic Paris Climate Agreement was signed in 2015, the oil and gas industry has grown bigger than ever despite countries ramping up efforts to rein in their greenhouse gas emissions. It’s a reality that climate negotiators must face as the United Nations Climate Change Conference begins at the end of this month. POLITICO’s Ben Lefebvre breaks down why the industry has grown. Plus, the Biden administration unveiled $2 billion in funding that will go directly to fund projects in communities facing disproportionate pollution and environmental harms.

For more news on energy and the environment, subscribe to Power Switch, our free evening newsletter: https://www.politico.com/power-switch

And for even deeper coverage and analysis, read our Morning Energy newsletter by subscribing to POLITICO Pro: https://subscriber.politicopro.com/newsletter-archive/morning-energy

Catherine Morehouse is an energy reporter for POLITICO and the host of the POLITICO Energy podcast.

Ben Lefebvre is an energy reporter for POLITICO.

Nirmal Mulaikal is a POLITICO audio host-producer.

Kara Tabor is an audio producer for POLITICO.

Gloria Gonzalez is the deputy energy editor for POLITICO.

Matt Daily is the energy editor for POLITICO.

Learn more about your ad choices. Visit megaphone.fm/adchoices

As COP 28 approaches, Big Oil is bigger than ever