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🌎 Big Oil CEOs are admitting they have no plan to reduce emissions and are focusing on carbon capture instead. Time to recognize them as the enemy in the fight against climate change.
Quoting from the article:
At an energy conference being held in Houston this week, CERAWeek by S&P Global, some CEOs seem to be giving up the act entirely. “We should abandon the fantasy of phasing out oil and gas,” Saudi Aramco Amin Hassan Nasser said in Texas this week. ExxonMobil chief Darren Woods—whose company is suing its own investors for asking it to strengthen internal climate targets—struck a similar tone. “We’re not on the path to make net-zero by 2050 currently, and one of the challenges here is that while society wants to see emissions reduced, nobody wants to pay for it,” he asserted on Monday at the same conference, sometimes referred to as the Super Bowl of energy. On Tuesday, ConocoPhillips CEO Ryan Lance even offered a rare expression of gratitude to the Biden White House, which has overseen record levels of oil and gas production: “Thank you to this administration.”
Key takeaways:
- Oil and gas industry executives are abandoning the idea of transitioning away from fossil fuels, admitting they have no feasible plan to reduce emissions.
- Despite industry claims to support the energy transition, CEOs are now openly acknowledging they are not on track for net-zero emissions by 2050.
- Major oil and gas companies like ExxonMobil, ConocoPhillips, and Shell are focusing on reducing carbon intensity rather than phasing out fossil fuels or reducing emissions.
- Industry leaders are emphasizing the use of carbon capture and storage technology to continue using fossil fuels while capturing emissions, despite the challenges and costs associated with this approach.
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Read the full post at The New Republic.
