Oil Company ExxonMobil is Counting on Higher Emissions
The American oil and gas group ExxonMobil expects its CO2 emissions to increase in the coming years due to investments to increase production.
Bloomberg news agency writes this based on internal documents from ExxonMobil. The company would therefore not participate in the efforts of other large oil producers to reduce emissions to combat global warming.
According to ExxonMobil’s own estimates, based on its $ 210 billion investment program announced in 2018, annual emissions would increase by 17 percent over the period through 2025. This concerns emissions from our own operational activities. Emissions from, for example, motorists who use ExxonMobil petrol are not included.
ExxonMobil has not set any targets to reduce emissions or become carbon neutral, unlike big peers like Shell and BP. The company is working on specific measures to reduce emissions of methane, for example. Still, these do not outweigh the rising emissions as a result of increasing production, according to the documents.
The corona crisis and lower oil prices have meant that ExxonMobil has had to reduce its investment budget for new projects significantly. The company has said projects are being postponed due to the crisis, but will not be scrapped.
ExxonMobil points to predictions from the International Energy Agency (IEA) that over the next few decades, trillions of investments in the oil and gas industry will be needed to replace production from obsolete fields and meet energy demand.