ExxonMobil Corp’s chief executive officer (CEO), Darren Woods has said the company is investing in new technology to reduce carbon emissions but added it
“Carbon capture is going to play a really important role. It is a technology that exists today. It’s one that we have a lot of experience in. Think carbon capture and storage, think hydrogen, think biofuels, all of those recognized by credible third parties are going to be needed as part of the solution.”
While other oil majors are looking to develop wind farms and solar parks, Exxon is focused on technologies that dovetail with the company’s strengths, Woods said. “At the end of the day, we’re a molecule company, not an electron company.” Even as it pursues carbon capture and storage technology, Exxon will keep pumping oil and gas, Woods said.
“If we stop producing diesel and gasoline, the world demand doesn’t change. Somebody else will see that,” he said. “I stop growing liquefied natural gas and the world burns more coal.” Norway’s wealth fund will require the companies it invests in to reach net zero emissions by 2050 at the latest. It recently voted in favor of a proposal calling for Exxon to adopt a medium-term target to reduce its customers emissions known as Scope 3 but the demand was rejected by a majority of shareholders.
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