Posted on Sep 15, 2023
Exxon minimized climate change internally after conceding that fossil fuels cause it
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https://www.npr.org/2023/09/14/ [login to see] /exxon-climate-change-fossil-fuels-global-warming-oil-gas
Executives at ExxonMobil continued in recent years to raise doubts internally about the dangers of climate change and the need to cut back on oil and gas use, even though the company had previously conceded publicly that burning fossil fuels contributes to global warming, according to a report in The Wall Street Journal.
The effort to minimize concerns about climate change under former chief executive Rex Tillerson, who led Exxon from 2006 until 2016, was happening at the same time that scientists at the company were modeling troubling increases in carbon dioxide emissions without big reductions in fossil fuel consumption, the Journal reported. The newspaper cited internal company documents that were part of a New York state lawsuit and interviews with former executives.
Executives at ExxonMobil continued in recent years to raise doubts internally about the dangers of climate change and the need to cut back on oil and gas use, even though the company had previously conceded publicly that burning fossil fuels contributes to global warming, according to a report in The Wall Street Journal.
The effort to minimize concerns about climate change under former chief executive Rex Tillerson, who led Exxon from 2006 until 2016, was happening at the same time that scientists at the company were modeling troubling increases in carbon dioxide emissions without big reductions in fossil fuel consumption, the Journal reported. The newspaper cited internal company documents that were part of a New York state lawsuit and interviews with former executives.
Exxon minimized climate change internally after conceding that fossil fuels cause it
Posted from npr.org
Oil
Oil and Energy
Climate Change
Lawsuit
Posted 8 mo ago
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PO1 William "Chip" Nagel
..."An Exxon spokesperson said in an emailed statement that the company has repeatedly acknowledged that "climate change is real, and we have an entire business dedicated to reducing emissions — both our own and others."
Last year, Exxon said it plans to spend about $17 billion on "lower emission initiatives" through 2027. That represents, at most, 17% of the total capital investments the company plans to make during that period.
Exxon recently said it is buying a company called Denbury that specializes in capturing carbon dioxide emissions and injecting them into oil wells to boost production. It's also planning to build a hydrogen plant and a facility to capture and store carbon emissions in Texas.
The company could spend more on "lower emission initiatives" if it sees "additional supportive government policies and new and improved technology," the spokesperson said.
Many scientists and environmental activists have questioned the feasibility of the carbon capture technology Exxon is relying on. Previous carbon capture projects by other companies have either been hugely over budget, or have closed. They contend that the more effective solution is to make deep cuts in fossil fuel use.
Investors seemed unfazed by the latest revelations about Exxon. The company's stock price was up almost 2% on Thursday afternoon.
Scientists with the United Nations recently warned that the world is running out of time to prevent global warming that would cause more dangerous impacts, like storms and droughts. Climate scientists say the world needs to limit warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit). Currently, it is headed for about 2.5 degrees Celsius of warming."
..."An Exxon spokesperson said in an emailed statement that the company has repeatedly acknowledged that "climate change is real, and we have an entire business dedicated to reducing emissions — both our own and others."
Last year, Exxon said it plans to spend about $17 billion on "lower emission initiatives" through 2027. That represents, at most, 17% of the total capital investments the company plans to make during that period.
Exxon recently said it is buying a company called Denbury that specializes in capturing carbon dioxide emissions and injecting them into oil wells to boost production. It's also planning to build a hydrogen plant and a facility to capture and store carbon emissions in Texas.
The company could spend more on "lower emission initiatives" if it sees "additional supportive government policies and new and improved technology," the spokesperson said.
Many scientists and environmental activists have questioned the feasibility of the carbon capture technology Exxon is relying on. Previous carbon capture projects by other companies have either been hugely over budget, or have closed. They contend that the more effective solution is to make deep cuts in fossil fuel use.
Investors seemed unfazed by the latest revelations about Exxon. The company's stock price was up almost 2% on Thursday afternoon.
Scientists with the United Nations recently warned that the world is running out of time to prevent global warming that would cause more dangerous impacts, like storms and droughts. Climate scientists say the world needs to limit warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit). Currently, it is headed for about 2.5 degrees Celsius of warming."
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