Decarbonization has been identified as necessary to preventing catastrophic climate change, creating a dilemma for the global oil industry. This article examines the industry's reaction to this dilemma and focuses on its historical response to market and governmental regulatory pressure. The article argues that differing national climate policies provoked some oil companies to develop proactive decarbonization strategies. However, the continued growth of fossil fuel demand, the industry's vested interests, and the voluntary nature of climate governance have resulted in the industry taking very little meaningful action to achieve decarbonization.

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Transnational history emerged strongly as globalization intensified in the 1990s, questioning national historiographies and creating new research agendas. Business history has not been part of this, but recent calls within the field to engage more visibly and authoritatively with debates on the history of globalization warrant a closer inspection of transnational history. The article draws on key concepts from transnational history and discusses their application in the work of, among others, Sven Beckert, Jessica Lepler, Stephanie Decker, Ray Stokes, and Michael Miller. The article argues that transnational history provides opportunities to increase business history's engagement with the history of globalization.

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