Big oil may be softening its stance on climate-change regulation

illuminem summarizes for you the essential news of the day. Read the full piece on The Economist or enjoy below:

🗞️ Driving the news: At the UN climate summit in Baku, ExxonMobil CEO Darren Woods expressed support for the U.S. remaining in the Paris Agreement, a shift for a major oil industry leader
• With the U.S. facing a possible withdrawal under the president-elect, Woods' stance represents a notable divergence from ExxonMobil's past position

🔭 The context: Under the Trump administration, the U.S. exited the Paris Agreement before rejoining under Biden
• Now, with a renewed threat of withdrawal, ExxonMobil’s public support for the accord highlights a shift within Big Oil amid pressure from investors and policymakers

🌍 Why it matters for the planet: Support from ExxonMobil signals growing alignment between the fossil-fuel industry and global climate goals, potentially encouraging other companies to adopt more climate-friendly policies even if the U.S. exits

⏭️ What's next: Woods’ stance may pressure other oil majors to clarify their positions on climate agreements, impacting regulatory landscapes and potentially influencing U.S. climate policy direction under the new administration

💬 One quote: “We believe the Paris Agreement is essential to ensuring global climate stability,” - Darren Woods, CEO of ExxonMobil

📈 One stat: ExxonMobil has pledged to reduce emissions by 20-30% in its upstream operations by 2030, marking a shift toward emissions accountability

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