In 2022, there are wins to be celebrated for climate policy. The recent US legislation is the first time in 40 years that the government has managed to pass any meaningful climate policy. The invasion of Ukraine has shaken Europe to accelerate the move away from Russian oil and gas. However, it is hard to celebrate wins for the climate without addressing the elephant in the room – the thriving and ever-profiting oil and gas sector. While recent geopolitical events did indeed infuse the energy transition with, (no pun intended), some much needed energy, Joelle Thomas would argue that the biggest winners of the past year’s events have been oil and gas companies. What does this mean for the energy transition?