Big Oil Shows Support for Energy Transition But on Its Terms
- Oil sector leaders caution against phasing out crude too fast
- Carbon capture touted among top paths to rapid emissions cuts
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The heads of Saudi Aramco and Exxon Mobil Corp. took to the stage at a major industry event Monday to voice support for the global transition to cleaner forms of energy, but one in which oil continues to play a major role for decades to come.
Both chief executive officers touted capturing and storing carbon — a climate solution viewed skeptically by environmentalists — as one of the best way to significantly reduce emissions from burning fossil fuels. They also stated that cutting oil usage too quickly would be dangerous, given the growing global demand for energy.