Exxon Mobil CEO urges COP28 local weather summit to concentrate on emissions

Dubai, UNITED ARAB EMIRATES — Exxon Mobil CEO Darren Woods on Saturday mentioned the “downside assertion” that nations have to concentrate on on the COP28 local weather summit is decreasing emissions, in distinction to requires a collective dedication to part out all fossil fuels.

For a lot of on the summit, which is being held within the United Arab Emirates, COP28 can solely be acknowledged as successful if it ends in a deal to “part out” all fossil fuels, whose burning is the chief driver of the climate crisis.

The language of the ultimate settlement, anticipated by or across the Dec. 12 finish of the convention, shall be intently monitored. A “part out” dedication would probably require a shift away from fossil fuels till their use is eradicated, whereas a “part down” might point out a discount of their use — however not an absolute finish.

There’s additionally an ongoing debate about whether or not an settlement ought to heart on “abated” fossil fuels, that are trapped and stocked with carbon seize and storage applied sciences, or “unabated” fossil fuels, which are largely understood to be produced and used with out substantial reductions within the quantity of emitted greenhouse gases.

Requested by CNBC’s Steve Sedgwick at COP28 whether or not it will be the mistaken state of affairs for nations to comply with the part out of abated fossil fuels, Woods replied, “I feel what society should concentrate on is the true downside right here, which is emissions.”

“The problem right here is eliminating emissions,” he continued. “How we do this shall be a perform of the place the know-how goes, and what the circumstances are, and the place these emissions are being emitted.”

Not everyone seems to be on board with calls to part out fossil fuels, nonetheless. Russia has beforehand said it will oppose this language getting used within the last settlement, whereas COP28 host the United Arab Emirates has as a substitute signaled its choice for a “part down.”

“I do not suppose there’s a one-size matches all. I really suppose that a part of the factor that has slowed us down is that this concentrate on making a step change and getting out of our current vitality system and beginning one thing model new. That’s going to be a protracted, expensive course of that’s going to be very, very costly,” Exxon Mobil’s Woods mentioned.

“As a substitute, what we should be is how will we get from the place we’re at as we speak to a future with decrease emissions, and that includes step modifications in some areas. It definitely includes wind, photo voltaic and [electric vehicles], but it surely additionally includes decarbonizing what we presently have.”

Woods mentioned that there are presently choices to start out decreasing the carbon depth of current applied sciences “at a a lot decrease price.”

“So, keep targeted on the issue assertion of emissions. Maintain your thoughts open to quite a lot of totally different options and ensure that the work that everyone is placing into that is targeted on the areas of power that we are able to take advantage of discount the quickest,” he added.

Huge Oil executives have beforehand sought to defend their core business model from local weather criticism, saying it isn’t potential to maintain everybody glad throughout the transition away from fossil fuels. Officers of enormous oil producing nations, together with of the UAE, have likewise advocated for the vitality safety and affordability of utilizing fossil fuels whereas transitioning towards the unique use of inexperienced vitality.

Tengku Muhammad Taufik, president and group CEO of Malaysia’s state vitality agency Petronas, mentioned in early October, “So, the controversy has all the time been posed right here, I am reminded of an outdated saying: ‘If you wish to hold everybody glad, promote ice cream.’ We’re not within the enterprise of ice cream — and, I am reminded, there are people who find themselves lactose illiberal.”

Exxon announced in mid-October that it had agreed to purchase shale rival Pioneer Natural Resources for a whopping $59.5 billion in an all-stock deal. The settlement was Exxon’s largest buyout since buying Mobil practically 25 years in the past and was seen to depart little question about its future assist for fossil fuels.

Requested about criticism the U.S. oil large has acquired from local weather campaigners over the Pioneer deal, Woods mentioned, “Effectively, the way in which we’re that is, there’s a demand for oil and gasoline as we speak, and there shall be demand for oil and gasoline going ahead sooner or later.”

“What precisely that degree is, all of us have our totally different views on, however so long as there’s demand on the market, I feel what society desires are essentially the most accountable operators assembly that demand. And what we’re committing to do is [to] be essentially the most accountable operator,” he added.

“We’ll mainly produce extra oil at a decrease price, extra effectively with much less environmental footprint. That is a win-win-win. And we’re enhancing U.S. vitality safety so there’s quite a bit to love about that deal,” Woods mentioned.