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illuminem summarizes for you the essential news of the day. Read the full piece on Financial Post or enjoy below:
🗞️ Driving the news: At COP29, ExxonMobil CEO Darren Woods promoted a “flexible” energy strategy, combining fossil fuels with investments in carbon capture, hydrogen, and biofuels
• Woods defended Exxon’s continued oil and gas production while advocating for a global carbon accounting system to drive climate action
• Critics view Exxon’s approach as a stalling tactic amid rising emissions and record fossil fuel demand
🔭 The context: Once pressured by activist investors to adopt greener strategies, Exxon has doubled down on oil and gas, achieving record profits while making calculated forays into low-carbon solutions
• Woods argues that Exxon’s investments align with global energy needs and sees carbon pricing and accounting as essential but politically fraught solutions
• This position contrasts with COP29’s focus on transitioning away from fossil fuels
🌍 Why it matters for the planet: Exxon’s stance highlights the tension between economic pragmatism and urgent climate goals
• While Exxon claims to lead in carbon capture and hydrogen, critics argue its strategy delays meaningful decarbonization and distracts from the need to phase out fossil fuels
⏭️ What's next: Exxon plans to continue leveraging government incentives like the U.S. Inflation Reduction Act to fund low-carbon projects while maintaining flexibility to pivot between fossil fuels and renewable energy
• Debates over carbon pricing and accountability are likely to intensify
💬 One quote: “The sad fact today is nobody will pay us for emissions reductions” – Darren Woods, underscoring the financial challenges of the energy transition
📈 One stat: Exxon returned $26 billion to shareholders in the first three quarters of 2024, far exceeding its investments in low-carbon technologies
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