Dubai, UNITED ARAB EMIRATES — Exxon Mobil CEO Darren Woods on Saturday stated the “drawback assertion” that nations want to focus on on the COP28 local weather summit is reducing emissions, in distinction to requires a collective dedication to part out all fossil fuels.
For many on the summit, which is being held within the United Arab Emirates, COP28 can solely be acknowledged as a hit if it leads to 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, will likely 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” may 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.
Asked by CNBC’s Steve Sedgwick at COP28 whether or not it will be the flawed state of affairs for nations to agree to the part out of abated fossil fuels, Woods replied, “I feel what society ought to focus on is the true drawback right here, which is emissions.”
“The problem right here is eliminating emissions,” he continued. “How we try this will likely be a operate of the place the expertise goes, and what the circumstances are, and the place these emissions are being emitted.”
‘Keep your thoughts open’
In a speech delivered to world leaders on Friday, U.N. Secretary-General António Guterres was unequivocal in his name for the burning of fossil fuels to be stopped outright, so as to stop the worst results of the local weather disaster.
“We can not save a burning planet with a firehose of fossil fuels,” Guterres stated. “The 1.5-degree restrict is barely attainable if we in the end cease burning all fossil fuels. Not cut back. Not abate. Phaseout — with a transparent timeframe aligned with 1.5 levels.”
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 remaining settlement, whereas COP28 host the United Arab Emirates has as a substitute signaled its choice for a “part down.”
Darren Woods, chairman and chief government officer of Exxon Mobil Corp, in the course of the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, US, on Wednesday, Nov. 15, 2023. Executives from massive multinationals are converging on the sidelines of APEC in San Francisco this week for an viewers with the Chinese president and different Asian leaders as long-frosty US-China relations present solely tentative indicators of warming. Photographer: David Paul Morris/Bloomberg through Getty Images
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“I do not assume there’s a one-size suits all. I truly assume that a part of the factor that has slowed us down is that this focus on making a step change and getting out of our present power system and beginning one thing model new. That goes to be a protracted, pricey course of that’s going to be very, very costly,” Exxon Mobil’s Woods stated.
“Instead, what we ought to be taking a look at is how can we get from the place we’re at as we speak to a future with decrease emissions, and that includes step adjustments in some areas. It actually includes wind, photo voltaic and [electric vehicles], but it surely additionally includes decarbonizing what we at the moment have.”
Woods stated that there are at the moment choices to begin reducing the carbon depth of present applied sciences “at a a lot decrease price.”
“So, keep targeted on the issue assertion of emissions. Keep your thoughts open to quite a lot of totally different options and be sure 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.
Big Oil executives have beforehand sought to defend their core business model from local weather criticism, saying it’s not attainable to hold everybody completely satisfied in the course of the transition away from fossil fuels. Officials 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 controversy has at all times been posed right here, I’m reminded of an outdated saying: ‘If you need to hold everybody completely satisfied, promote ice cream.’ We are not within the enterprise of ice cream — and, I’m reminded, there are people who find themselves lactose illiberal.”
‘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.
Asked about criticism the U.S. oil large has acquired from local weather campaigners over the Pioneer deal, Woods stated, “Well, the way in which we’re taking a look at that is, there’s a demand for oil and gasoline as we speak, and there will likely be demand for oil and gasoline going ahead sooner or later.”
An Exxon Mobil gasoline station in Washington, DC, US, on Tuesday, Nov. 28, 203.
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“What precisely that degree is, all of us have our totally different views on, however so long as there’s demand out there, I feel what society desires are probably the most accountable operators assembly that demand. And what we’re committing to do is [to] be probably the most accountable operator,” he added.
“We will mainly produce extra oil at a decrease price, extra effectively with much less environmental footprint. That’s a win-win-win. And we’re bettering U.S. power safety so there’s so much to like about that deal,” Woods stated.