The best of EcoWatch, right in your inbox. Sign up for our email newsletter!
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:
EcoWatch Daily Newsletter
By Carey Gillam
For the last five years, Chris Stevick has helped his wife Elaine in her battle against a vicious type of cancer that the couple believes was caused by Elaine's repeated use of Monsanto's Roundup herbicide around a California property the couple owned. Now the roles are reversed as Elaine must help Chris face his own cancer.
The last 50 years have been brutal for wildlife. Animals have lost their habitats and seen their numbers plummet. Now a new report from a British conservation group warns that habitat destruction and increased pesticide use has on a trajectory for an "insect apocalypse," which will have dire consequences for humans and all life on Earth, as The Guardian reported.
By Jake Johnson
A Greenpeace report released Tuesday uses a hypothetical "Smart Supermarket" that has done away with environmentally damaging single-use plastics to outline a possible future in which the world's oceans and communities are free of bags, bottles, packaging and other harmful plastic pollutants.
By Irene Banos Ruiz
Pediatricians in New Delhi, India, say children's lungs are no longer pink, but black.
Our warming planet is already impacting the health of the world's children and will shape the future of an entire generation if we fail to limit global warming to well below 2 degrees Celsius (35.6°F), the 2019 Lancet Countdown Report on health and climate change shows.