A significant energy transition is underway, with Europe aiming to lead, and many factors will shape the world’s energy future. These include government ambitions and policies that seek to promote prosperity while also addressing the risks of climate change. ExxonMobil is also focused on meeting this dual challenge for society.
We work extensively to reduce emissions and other environmental impacts of energy use in our operations and through the products we sell, and we’ve been evolving to meet society’s needs for 135 years. Today, we’re a leader in researching and developing energy technologies, like algae biofuels, and carbon capture, utilization and storage, that could potentially play a role in helping mitigate the risks of climate change.
The Paris Agreement on climate change provided significant insights on governments’ intentions to reduce greenhouse gas (GHG) emissions through the inclusion in the agreement of nationally determined contributions (NDCs). Policies adopted to support NDCs will likely affect supply and use of energy across society. We support the Paris Agreement, and acknowledge the need for long-term goals & vision to sustainably meet societal and environmental needs – such as the European Commission’s vision for a climate-neutral Europe by 2050. To achieve the goals that will make this vision possible, collective action is required, for example, through platforms such as the Climate Leadership Council, of which ExxonMobil is a founding member.
To support economic progress and make substantial progress on the climate goals identified in the Paris Agreement, well-designed and transparent policy approaches that carefully weigh costs and benefits are needed. Such policies are likely to help manage the risks of climate change while also enabling societies to pursue other high-priority goals – including clean air and water, access to reliable, affordable energy and economic progress for all people.
The dual challenge
There are few challenges more important than meeting the world’s growing demand for energy while reducing environmental impacts and the risks of climate change.
ExxonMobil is committed to doing our part to help society meet this dual challenge.
As we seek to increase production of oil and natural gas to meet growing global energy demand, we are committed to mitigating greenhouse gas emissions within our operations. Energy efficiency improvements will help curb the growth in global energy demand to about 25 percent, while global economic output nearly doubles.
Since 2000, we have invested more than $9 billion in our facilities and research to develop and deploy lower-emission energy solutions such as cogeneration, algae biofuels, and carbon capture and storage (CCS). We have partnered with more than 80 universities around the world to support emerging energy research.
At the same time, we help our customers reduce their emissions through the use of our energy-saving technologies and sustainable products.
We also actively engage in climate-related policy discussions. We understand that dealing successfully with climate change risks will require a coordinated effort involving individuals, governments and industry leaders around the world. ExxonMobil supports the 2015 Paris Agreement. In 2017 we became a founding member of the Climate Leadership Council to help promote a revenue-neutral carbon tax. And in 2018 we joined the Oil and Gas Climate Initiative (OGCI), a voluntary collaboration of leading companies in our industry aimed at reducing climate-related risks.
To see more about the future of oil and gas in Europe , see our factsheet.