In the pantheon of companies that have ruin the climate , ExxonMobil has long baby-sit on the toilet . It ’s propagate disinformation for decades even as itknew the risk of its ware , is thelargest investor - have generator of emissionssince 1980 , and thethird - biggest driverof ocean acidification since 1880 . And on Thursday , it made clear that it intends to keep its crown .
Darren Woods , the company ’s CEO , used its one-year investor day to speak about how it plans to invest billions of dollar bill in exploration and , meanwhile , tear apart other oil majors for setting fair game to limit their emission . He foretell the recent get-up-and-go by European oil giant such as Repsol , BP , and Eni to get down their discharge as a “ mantrap couple . ” Which is a pretty weird way to talk about efforts to have a livable planet , but go off , male monarch .
bet , you should treat any aspirational quarry dress by fossil oil troupe with a gamy arcdegree of skepticism . Their whole business is centered around a product that pollutes the atmospheric state , and it ’s been spectacularly lucrative . Big Oil is still a multi - trillion dollar bill industry that wields tremendous power and isbacked by ample subsidiesand the politicians itrewards with massive sums of money . I would n’t call the pledges part of a beauty pageant , more just an attack to look the least ugly . But Exxon is out here gemstone - cold attempt to avoid anything that could look like aspiration , beauty or otherwise .
Photo: AP
https://gizmodo.com/just-88-companies-are-responsible-for-ruining-the-ocean-1840371908
“ We ’re very focused on trying to verify that we ’re talking about this holistically and actually look at steps to fix the problem for society as a whole and not to endeavor to get into a smasher peer , beauty contest , around whose sheet looks like what,”Woods said .
Exxon ’s business organization practices have always been abhorrent from mood tohuman right . The fact that it wo n’t absorb in set fair game testify that its design to keep pushing for clime - action delay while doing the bare lower limit to persist in good standing in polite society . The company is a founding extremity of the Climate Leadership Council , a group pushing for a two-party resolution to climate that include a carbon revenue enhancement and import fee as well as “ meaning regulatory reduction . ”
Notably absentminded is the need for stronger regulation or emissions targets . A carbon revenue enhancement as a piece of accost climate change is fine . As the only result and without binding targets on emission , it ’s a jape .
Meanwhile , Woods say Exxon also design to rain buckets up to $ 35 billion into oil exploration over the next five year . That include the Permian Basin , where Exxon is thelargest greenhouse gas emitterfrom flaring , concord to Environmental Protection Agency information . But do n’t worry , Exxon has committedto a 25 percent dilute in flaring methane emissions by the terminal of this year .
Woods also noted Exxon sees plastics as a new area to extend into , much like other crude company . The petrochemical industry as a whole poses a serious climate threat , and the vegetable oil and gas industry’sfive - year elaboration planincludes a heaping serving of plastic . Of the shaping plant expansion plan in the U.S. through 2025 , Exxon ’s is the third - highest emitting . The company also have thehighest let out refineryin the U.S.
Exxon ’s decision to neglect typeset a cap and continue expanding shows it does n’t imagine a political reckoning is coming anytime soon in the U.S. But the financial pressure level on it could force more serious change . The company has seen its stocks slide to a 15 - yr low , and its valuation hasplummeted an dumfounding $ 315 billionin just 13 class ( yes , with a group B ) .
heavy crude oil
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