Exxon Mobil CEO Darren Woods urged President-elect Donald Trump to stay in the Paris Climate Agreement during a U.N. summit, highlighting potential business uncertainties.
At a Glance
- Exxon Mobil CEO Darren Woods advises against U.S. withdrawal from Paris Agreement.
- Potential withdrawal could lead to business inefficiencies and uncertainties.
- Exxon Mobil is investing significantly in energy transition technologies.
- Consistency in climate policy is essential for effective energy transition.
Exxon Mobil’s Commitment to Climate Issues
Exxon Mobil CEO Darren Woods spoke at a U.N. climate summit, urging President-elect Donald Trump to maintain U.S. commitment to the Paris Climate Agreement. The agreement that was so bad for America that Trump initially withdrew from it.
Woods emphasized the importance of consistent and wise policymaking to avoid inefficiencies and uncertainties businesses face when policies change abruptly – arguing that staying in the Paris Climate Accords is the wiser choice.
“I don’t think the stops and starts are the right thing for businesses. It is extremely inefficient. It creates a lot of uncertainty,” Woods said.
Exxon Mobil’s participation at the United Nations summit in Baku was notable amidst the absence of many leaders, including President Biden. Woods’ presence underlined Exxon’s investment in the energy transition sector, having spent $5 billion on Denbury Resources and partnering with companies like CF Industries, Linde, and Nucor for carbon capture projects. The company is also collaborating with Shell in Singapore on carbon capture and storage solutions.
The CEO of Exxon Mobil discouraged President-elect Donald Trump from withdrawing the US from the landmark Paris climate pact, arguing that would mean forfeiting a chance to push for “common sense” carbon-cutting policy on the world stage https://t.co/Wc1i0atge5
— Bloomberg (@business) November 12, 2024
Investments and Strategic Focus
Exxon Mobil has pledged to reduce emissions to net zero by 2050, though this does not include emissions from burning its fuels. Currently, it plans to channel $3 billion into emission reduction projects this year, with an ambitious outlook to spend over $20 billion by 2027. Woods sought to dispel concerns that Trump’s withdrawal could hinder these efforts, asserting that “to have the pendulum swing back and forth as administrations change,” is not conducive to smooth business operations.
Woods observed that while Exxon supports the Paris accord’s goal of limiting global warming, the demand for oil and gas remains robust. The company’s strategy is adaptive to future consumption pattern shifts, keeping energy demands and environmental considerations in play. Global standards for accounting carbon dioxide emissions are crucial to guiding regulatory standards, he argued.
Exxon Says Trump Should Keep U.S. in Paris Climate Pact
Exxon Mobil CEO Darren Woods says the president-elect’s plan to pull U.S. out of the agreement is a bad idea#ootthttps://t.co/N4IHD8N0jW
— Giovanni Staunovo🛢 (@staunovo) November 12, 2024
Question is…will Trump listen? Or will he use his own best judgment to save the U.S. public from paying for disastrous green policies that more populous nations like China don’t even care about respecting?
