There is a cycle of consolidation in the fossil fuel energy industry, and that could mean that investors are pulling back from climate-focused investment products, The New York Times reported.

More than $110 billion worth of oil megadeals have occurred in recent weeks, including Chevron’s agreement to buy Hess and Exxon Mobil’s deal for Pioneer Natural Resources. Deal talks are already under way, according to The Wall Street Journal; Devon Energy is reportedly interested in companies such as Marathon Oil and CrownRock, and gas producer Chesapeake Energy is reportedly considering an acquisition of Southwestern Energy, the Times reported.

These fossil-fuel producers are focusing on getting bigger, despite pressure from climate-minded policymakers, investors and activists to embrace greener energy.

European oil companies such as BP, Shell and Total had, until recently, emphasized their efforts to reduce carbon emissions, unlike their American rivals. That stance displeases some investors.

U.S. companies have been muting their mentions of sustainability initiatives in recent earnings calls, the Journal reported in September.