The oil industry is affected by dangerous new climate denialism

If we have not been concerned of the dangers of climate change this summer, we never will be. Extreme heat, forest fires and floods have been all over news reports. Yet the oil and gas industry remains largely in denial.
The International Energy Agency (IEA) says steep cuts in oil and gas production are necessary to reach the Paris (COP 21) goal of keeping global warming at 1.5 degrees Celsius.
The UK government has just offered a helping hand, granting around 100 new North Sea licences. What are we to make of this mismatch?
The new denialism
Typical of the new breed of climate denialism is a recent report by the Energy Policy Research Foundation (ERPF), a body funded by the US government and various undisclosed corporate interests and foundations.
It sees the IEA’s requirements as a “seal of approval … to block investment in oil and gas production by western companies”. The report views meeting the targets as too costly, too harsh on poor countries and too bad for the energy security of the west. In fact, it is wrong on each account. Many eminent economists and scientists use the concept of the social cost of carbon (SCC), which is defined as the cost to society of releasing an additional tonne of CO2.
How to respond
The denialists offer no alternatives to cutting carbon emissions, and often simply ignore climate change altogether. The recent ERPF report mentions climate change only four times. It is as if heatwaves, forest fires, flooding, rising sea levels and the demise of natural habitat caused by climate inaction were happening on another planet.