ExxonMobil Doesn't Believe the World's Quest for Net Zero Emissions by 2050 Is Achievable
ExxonMobil (NYSE: XOM) firmly believes the world will need its oil for a long time. The company doesn't think the global economy will reach its target of achieving net-zero emissions by 2050 by pivoting to lower-carbon sources like renewable energy. That led the company to resist an investor-led effort to have it report on the potential risks from future restrictions on greenhouse gas emissions.
That doesn't mean the oil giant is ignoring the potential threat of climate change to its business. It's taking a balanced approach to continue supplying the world with low-cost fossil fuels while investing in producing the lower-carbon fuels of the future.
ExxonMobil is pushing back on a shareholder proposal to report on the cost of abandoning fossil fuel investments that could be obsolete if the world reaches its aim of net-zero emissions by 2050. Some investors have concerns that Exxon could face significant financial risks if the world achieves that goal.
Source Fool.com
