Dubai, UNITED ARAB EMIRATES — Exxon Mobil CEO Darren Woods on Saturday stated the “problem statement” that international locations have to concentrate on on the COP28 local weather summit is lowering 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 “phase 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, can be intently monitored. A “phase out” dedication would possible require a shift away from fossil fuels till their use is eradicated, whereas a “phase 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 might be the unsuitable state of affairs for international locations to conform to the part out of abated fossil fuels, Woods replied, “I think what society ought to focus on is the true problem here, which is emissions.”
“The challenge here is eliminating emissions,” he continued. “How we do that will be a function of where the technology goes, and what the circumstances are, and where those emissions are being emitted.”
‘Preserve your thoughts open’
In a speech delivered to world leaders on Friday, U.N. Secretary-Basic António Guterres was unequivocal in his name for the burning of fossil fuels to be stopped outright, to be able to stop the worst results of the local weather disaster.
“We cannot save a burning planet with a firehose of fossil fuels,” Guterres stated. “The 1.5-degree limit is only possible if we ultimately stop burning all fossil fuels. Not reduce. Not abate. Phaseout — with a clear timeframe aligned with 1.5 degrees.”
Not everyone seems to be on board with calls to part out fossil fuels, nonetheless. Russia has beforehand said it might oppose this language getting used within the last settlement, whereas COP28 host the United Arab Emirates has as an alternative signaled its choice for a “phase down.”
Darren Woods, chairman and chief govt officer of Exxon Mobil Corp, through the Asia-Pacific Financial Cooperation (APEC) CEO Summit in San Francisco, California, US, on Wednesday, Nov. 15, 2023. Executives from giant multinationals are converging on the sidelines of APEC in San Francisco this week for an viewers with the Chinese language president and different Asian leaders as long-frosty US-China relations present solely tentative indicators of warming. Photographer: David Paul Morris/Bloomberg through Getty Photographs
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“I don’t think there is a one-size fits all. I actually think that part of the thing that has slowed us down is this focus on making a step change and getting out of our existing energy system and starting something brand new. That is going to be a long, costly process that is going to be very, very expensive,” Exxon Mobil’s Woods stated.
“Instead, what we ought to be looking at is how do we get from where we’re at today to a future with lower emissions, and that involves step changes in some areas. It certainly involves wind, solar and [electric vehicles], but it also involves decarbonizing what we currently have.”
Woods stated that there are presently choices to begin lowering the carbon depth of present applied sciences “at a much lower cost.”
“So, stay focused on the problem statement of emissions. Keep your mind open to a variety of different solutions and make sure that the work that everybody is putting into this is focused on the areas of strength that we can make the most reduction the quickest,” he added.
Huge Oil executives have beforehand sought to defend their core business model from local weather criticism, saying it’s not attainable to maintain everybody comfortable through the transition away from fossil fuels. Officers of huge oil producing nations, together with of the UAE, have likewise advocated for the power safety and affordability of utilizing fossil fuels whereas transitioning towards the unique use of inexperienced power.
Tengku Muhammad Taufik, president and group CEO of Malaysia’s state power agency Petronas, stated in early October, “So, the debate has always been posed here, I’m reminded of an old saying: ‘If you want to keep everyone happy, sell ice cream.’ We are not in the business of ice cream — and, I’m reminded, there are people who are lactose intolerant.”
‘Win-win-win’
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 help for fossil fuels.
Requested about criticism the U.S. oil large has acquired from local weather campaigners over the Pioneer deal, Woods stated, “Well, the way we’re looking at this is, there is a demand for oil and gas today, and there will be demand for oil and gas going forward in the future.”
An Exxon Mobil gasoline station in Washington, DC, US, on Tuesday, Nov. 28, 203.
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“What exactly that level is, we all have our different views on, but as long as there is demand out there, I think what society wants are the most responsible operators meeting that demand. And what we’re committing to do is [to] be the most responsible operator,” he added.
“We will basically produce more oil at a lower cost, more efficiently with less environmental footprint. That’s a win-win-win. And we’re improving U.S. energy security so there’s a lot to like about that deal,” Woods stated.
