Even after decades of efforts to combat global warming, fossil fuels still provide over 80% of the world’s energy. You might assume this makes fossil fuel production highly profitable, but that isn’t always the case. The easiest-to-reach oil reserves have already been tapped, and many countries want to secure their domestic energy supplies. Additionally, energy price fluctuations and the rise of renewable energy sources like solar and wind have made it more challenging for fossil fuel companies to remain profitable, especially in sectors like coal.
