Posted 2/27/2024, 8:17:00 PM
ExxonMobil CEO: Net-Zero by 2050 Will Be Costly, Requires Tech Advances Before Consumers Accept Higher Prices
- ExxonMobil CEO says achieving net-zero emissions by 2050 will be very expensive and consumers aren't willing to pay the price
- Costs need to come down through technology innovation before clean energy transition can accelerate
- ExxonMobil has invested $17B in lower-emission initiatives but more progress needed on technologies like sustainable aviation fuel
- Carbon taxes or built-in charges on goods could help pass costs to consumers but unlikely to be popular
- Government subsidies alone aren't a sustainable long-term strategy to drive clean energy - market forces and carbon pricing also needed