Exxon Says Reaching Net Zero Global Emissions by 2050 ‘Highly Unlikely’
- World currently is not on IEA’s net zero emissions pathway
- People would not accept drop in living standards, Exxon says
An Exxon Mobil Corp. refinery at the Port of Rotterdam in Rotterdam, Netherlands.
Photographer: Peter Boer/BloombergThis article is for subscribers only.
Exxon Mobil Corp. said the prospect of the world reaching net zero carbon dioxide emissions by 2050 is “highly unlikely” due to the drop in living standards that would come with such a scenario.
The Texas oil giant made the comments in a regulatory filing that argued against proxy adviser Glass Lewis’ view that the cost of phasing out oil and gas operations would be a material financial risk. The International Energy Agency’s Net Zero Emissions scenario, which models a phaseout of most fossil fuels by 2050, has little bearing in reality, Exxon said.