Global demand for oil and gas will continue for decades so technologies that reduce and sequester carbon emissions will be needed to meet the Paris Agreement commitments. The transition to a low-carbon economy envisions reducing the amount of fossil fuel use, not eliminating it. The CCS investment is bullish news for shareholders and climate advocates alike as Exxon develops its strategic approach to address the “ dual challenge” of meeting global demand for oil while minimizing the lifecycle carbon emissions from its production. The investment also makes sense from a purely business point of view and will likely play an essential role in Exxon’s value proposition as the largest, most efficient and most environmentally friendly oil and gas producer. Neither approach on its own can solve the problem of climate change, but together they offer a path to a more sustainable, cleaner and more prosperous future. Exxon and others understand that technology and innovation are the only ways to reduce the environmental impacts of energy production and consumption without causing prices to rise and condemning billions of people to poverty. That is true for advanced economies, and it’s doubly true for developing economies that are still trying to catch up with the West’s living standards.Ĭarbon capture and sequestration and other technology-based solutions have a crucial role in addressing global environmental challenges.
Renewables and electrification alone cannot decarbonize the entire economy.
While some responded to Exxon’s investment with skepticism, it bolsters the case for pursuing the technology path to address climate change.
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