Exxon says world set to fail 2°C global warming cap by 2050
Exxon Mobil Corp projects that oil and natural gas will still account for 54% of the world's energy needs in 2050, with CO2 emissions doubling the desired scenario set by the IPCC.
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Posted 8/28/2023, 6:29:00 PM
reuters.com
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The International Monetary Fund reports that nations around the world indirectly subsidized fossil fuels by $7 trillion in 2022, despite the increasing dangers of greenhouse gas emissions and global heating.
Demand for fossil fuels is expected to reach an all-time high before 2030, despite progress in the fight against climate change, according to Fatih Birol, Executive Director of the International Energy Agency.
OPEC dismisses claims of peak oil and fossil fuel demand before 2030, stating that peak demand for oil, gas, and coal will not occur until the next decade, contrary to the International Energy Agency's recent projections.
Internal Exxon documents obtained by The Wall Street Journal reveal that executives at the company continued to downplay climate change concerns and the need for reduced fossil fuel consumption, despite scientific evidence and public acknowledgment of the issue.
The demand for oil remains strong globally, making energy companies a good investment option with shareholder-friendly dividend policies, including Devon Energy, Enbridge, and Chevron.
Top Saudi Arabian and U.S. oil producers Aramco and Exxon Mobil have pushed back forecasts of peak oil demand and emphasized the need for continued investment in conventional oil and gas, stating that the energy transition will require more time and investment.