Exxon Says Global Emissions Goals Have Slipped as Coal Use Rises

Exxon Mobil Corp. said net zero goals for the global energy sector are likely to drift further beyond 2050 due to consumers pushing back against high costs and a revival in demand for coal, the most polluting fossil fuel.

Global emissions will fall by a quarter by 2050, far short of the more than two-thirds drop needed to meet Intergovernmental Panel on Climate Change targets, Exxon said in its Global Energy Outlook published Thursday. The emissions forecast for mid-century is almost 4% higher than the oil major saw last year, as more coal is used to back up intermittent power from wind and solar and slowing electric vehicle sales in the US and Europe support oil demand.