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Darren Woods Argues That Oil Companies Must Play A Central Role In The Energy Transition And Claims That The Focus On Reducing Production Is Misguided.
The CEO of ExxonMobil, Darren Woods, emphasized the importance of oil and gas companies in the transition to a low-carbon economy during the APEC CEO Summit event in San Francisco, California (USA). He highlighted that considering the sector as a ‘villain’ does not contribute to reducing global emissions, and that companies play a fundamental role in providing reliable supplies of essential products for modern life at affordable prices.
Woods pointed out that labeling oil and gas companies as villains is counterproductive, as it does not contribute to the goal of reducing emissions. On the contrary, it could jeopardize reliable energy supply, destabilize global economies, and degrade people’s living standards. He also cited the example of Europe, where hasty measures resulted in increased emissions. Therefore, the executive states that it is essential to recognize the role of oil and gas companies in the energy transition and seek solutions that encompass the importance of these industries.
Woods argued that policies focusing on subsidies and decreasing fossil fuel production are ineffective and emphasized the importance of focusing on emissions reductions and market mechanisms.
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Moreover, the executive stressed the necessity for the industry to invest in solutions that go beyond wind and solar energy as well as electric vehicles, citing Exxon’s US$ 17 billion investment in technologies such as carbon capture, hydrogen, biodiesel, and lithium.
ExxonMobil Invests In Lithium And Carbon Capture To Become A Market Leader
The company ExxonMobil is expanding its horizons by starting the exploration of lithium and acquiring the carbon capture company Danbury. Additionally, the company has signed agreements with three clients to transport and store five million tons of CO2 per year. These actions are part of ExxonMobil’s plans to become one of the market leaders and represent a significant step towards sustainability and reducing carbon emissions.
The energy system, which has been developed over 150 years, is extremely vast and complex. Dismantling and replacing it is not a simple task, as it involves a series of technical, logistical, and economic challenges. The real question we need to address is not the energy source itself, such as oil and gas, but rather the harmful emissions they generate.
Source: Agência EPBR
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