Quantcast

ExxonMobil Releases Climate Impact Report

Energy
Exxon refinery in Baton Rouge, Louisiana. Gary Jones / Flickr

World demand for oil could dip substantially by 2040 if policies to curb warming are aggressively implemented, ExxonMobil said in a climate-impact analysis released Friday.

The oil giant's shareholders, including financial giants BlackRock and Vanguard, backed a proposal last year requiring Exxon to provide analysis of how climate policies will impact its bottom line in an increasingly warming world.


The analysis paints a mostly rosy future for the oil and gas industry, saying that even aggressive climate policy poses "little risk" to the company. However, the report does not address the multiple lawsuits facing Exxon and other fossil fuel giants, while some of the company's analysis—including its predictions for the number of electric vehicles on the road by 2040 and the assumption that carbon capture technologies will allow the continued use of fossil fuels—has been challenged by experts.

As reported by the New York Times:

"Some climate campaigners were unimpressed with Exxon's climate analysis. 'The range of risks that Exxon faces if climate action is taken is far deeper than what's being presented here,' said Adam Scott, a senior adviser at Oil Change International, an energy research and advocacy group.

He and others pointed out that Exxon, for instance, has assumed the development of technologies such as carbon capture that would allow the use of fossil fuels to continue with lower emissions. Also, Exxon didn't address what might happen if countries agreed to make considerably more aggressive cuts designed to hold global warming to 1.5 degrees Celsius above preindustrial levels, as urged by the Paris agreement ...

'ExxonMobil's own analysis assumes the world will continue to burn through oil and gas to drive its profits, keeping us on a path toward global temperatures rising well above the 2 degree Celsius threshold' said Kathy Mulvey, climate accountability manager at the Union of Concerned Scientists."

For a deeper dive:

New York Times, FT, Reuters, AP, Axios, Quartz, The Hill

For more climate change and clean energy news, you can follow Climate Nexus on Twitter and Facebook, and sign up for daily Hot News.

EcoWatch Daily Newsletter

Damage at the Malheur National Wildlife Refuge from the 2016 occupation. USFWS

By Tara Lohan

When armed militants with a grudge against the federal government seized the Malheur National Wildlife Refuge in rural Oregon back in the winter of 2016, I remember avoiding the news coverage. Part of me wanted to know what was happening, but each report I read — as the occupation stretched from days to weeks and the destruction grew — made me so angry it was hard to keep reading.

Read More Show Less
Computer model projection of temperature anomalies across Europe on June 27. Temperature scale in °C. Tropicaltidbits.com

A searing heat wave has begun to spread across Europe, with Germany, France and Belgium experiencing extreme temperatures that are set to continue in the coming days.

Read More Show Less
Sponsored

Zero Waste Kitchen Essentials

Simple swaps that cut down on kitchen trash.

Sponsored

By Kayla Robbins

Along with the bathroom, the kitchen is one of the most daunting areas to try and make zero waste.

Read More Show Less
Skull morphology of hybrid "narluga" whale. Nature / Mikkel Høegh Post

In the 1980s, a Greenlandic subsistence hunter shot and killed a whale with bizarre features unlike any he had ever seen before. He knew something was unique about it, so he left its abnormally large skull on top of his toolshed where it rested until a visiting professor happened upon it a few years later.

Read More Show Less
A house under construction with plastic bottles filled with sand to build shelters that better withstand the climate of the country where temperatures reach up to 50° C Awserd in the Saharawi refugee camp Dakhla on Dec. 31, 2018 in Tindouf, Algeria. Stefano Montesi / Corbis / Getty Images

A UN expert painted a bleak picture Tuesday of how the climate crisis could impact global inequality and human rights, leading to a "climate apartheid" in which the rich pay to flee the consequences while the rest are left behind.

Read More Show Less
Sponsored
The Oregon Senate Chamber. Cacophony / CC BY 3.0

Six days after Republican Oregon Senators fled the state to avoid voting on a bill to address the climate crisis, the Senate president declared the bill dead.

Read More Show Less
Artist's conception of solar islands in the open ocean. PNAS

Millions of solar panels clustered together to form an island could convert carbon dioxide in seawater into methanol, which can fuel airplanes and trucks, according to new research from Norway and Switzerland and published in the Proceedings of the National Academy of Sciences journal, PNAS, as NBC News reported. The floating islands could drastically reduce greenhouse gas emissions and dependence on fossil fuels.

Read More Show Less
Marcos Alves / Moment Open / Getty Images

More than 40 percent of insects could go extinct globally in the next few decades. So why did the U.S. Environmental Protection Agency (EPA) last week OK the 'emergency' use of the bee-killing pesticide sulfoxaflor on 13.9 million acres?

EcoWatch teamed up with Center for Biological Diversity via EcoWatch Live on Facebook to find out why. Environmental Health Director and Senior Attorney Lori Ann Burd explained how there is a loophole in the The Federal Insecticide, Fungicide, and Rodenticide Act under section 18, "that allows for entities and states to request emergency exemptions to spraying pesticides where they otherwise wouldn't be allowed to spray."

Read More Show Less