Exxon CEO Tells Europe to Follow US Approach to Climate Action
(Bloomberg) -- European leaders looking to tackle climate change should look to US policy and “let the market work” to avoid driving companies away with prescriptive regulations, Exxon Mobil Corp. Chief Executive Officer Darren Woods said.
“I think it’s a huge mistake to be picking winners and losers and focusing on specific technologies,” Woods told the CEO Norway’s Wealth Fund, Nicolai Tangen, on his podcast. “Instead we should be looking more broadly at letting the markets figure out which solutions provide the most emissions reductions for the lowest cost.”
Darren Woods Photographer: Aaron M. Sprecher/Bloomberg
Europe has been working with a greater sense of urgency since the Biden administration last year passed its Inflation Reduction Act, with $370 billion in tax subsidies to cut carbon emissions. The package is turbo-charging interest in carbon capture and storage technologies, which for years have been considered too expensive and prone to failure. Exxon, which has pledged to spend $17 billion through 2027 on low-carbon initiatives, is among the companies ramping up plans to capture emissions.
“Carbon capture is going to play a really important role. It is a technology that exists today. It’s one that we have a lot of experience in,” Woods said. “Think carbon capture and storage, think hydrogen, think biofuels, all of those recognized by credible third parties are going to be needed as part of the solution.”
While other oil majors are looking to develop wind farms and solar parks, Exxon is focused on technologies that dovetail with the company’s strengths, Woods said. “At the end of the day, we’re a molecule company, not an electron company.”
Even as it pursues carbon capture and storage technology, Exxon will keep pumping oil and gas, Woods said.
“If we stop producing diesel and gasoline, the world demand doesn’t change. Somebody else will meet that,” he said. “I stop growing liquefied natural gas and the world burns more coal.”
Norway’s wealth fund will require the companies it invests in to reach net zero emissions by 2050 at the latest. It recently voted in favor of a proposal calling for Exxon to adopt a medium-term target to reduce its customers emissions — known as Scope 3 — but the demand was rejected by a majority of shareholders.
©2023 Bloomberg L.P.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More oil news

Oil Slips as Strengthening Dollar Outweighs Supply Tightness
Sep 26, 2023
Appeals Court Blocks Biden Bid to Limit Oil Drilling Auction
Sep 26, 2023
QatarEnergy announces 10-year Naphtha supply agreement with Marubeni Corporation
Sep 26, 2023
Lufthansa’s Austrian Unit Loses Greenwashing Suit Over Fuel Use
Sep 25, 2023
Oil Holds Rally as Hedge Funds Join Increasingly Bullish Bets
Sep 25, 2023
Macron Says France to Ask Oil Industry to Sell Fuels at Cost
Sep 24, 2023
Russia’s Diesel Exports Ban Is Risky for Moscow and World Alike
Sep 23, 2023
Trudeau’s Mega Pipeline Promises to Redraw Global Oil Flows
Sep 21, 2023
Oil Dips After Blistering Climb With Fed and Technicals in Focus
Sep 20, 2023
ENOC Group and Petrofac collaborate to foster Emirati talent in the energy sector
Sep 20, 2023
LNG to play a critical role in leading to a lower carbon future
Sep 26, 2023
Pushing for decarbonisation in the East Mediterranean region
Sep 25, 2023
Mexico Pacific president sees exciting times ahead
Sep 22, 2023
Sapphire Technologies CEO sees increased opportunities in climate tech
Sep 21, 2023
Technology to play a role in reusing wasted energy in a circular economy
Sep 20, 2023
Unlocking growth opportunities in sustainable finance
Jul 12, 2023
Decoding the trends shaping the future of energy
Jun 14, 2023
Exploring ESG’s critical role in the journey to net zero
May 18, 2023
Clearing the air on carbon markets in the Middle East
Apr 26, 2023
The IEA’s outlook for global energy markets and the energy transition
Apr 05, 2023Partner content

Investing in a sustainable future: unleashing Asia's $10 trillion renewable energy opportunity

Accelerating the Energy Revolution: key forces driving the transition

With BlueH2 by T.EN Technip Energies aims to unleash your full blue potential

Automation is the key to LNG present and the future scenario for hydrogen
