Exxon Mobil CEO Counters IEA's Critique on Carbon Capture at COP28

During the COP28 climate summit in Dubai, Darren Woods, CEO of Exxon Mobil Corp, addressed skepticism surrounding carbon capture technology. He challenged the International Energy Agency's (IEA) view that large-scale carbon capture is not a feasible solution to climate change, countering their claim by comparing it to the early doubts about electric vehicles and solar energy.

Exxon's Commitment to Carbon Capture

Exxon revealed a commitment of $17 billion to its low-carbon initiatives, emphasizing carbon capture as a significant component. Woods argued that it's greenhouse gas emissions that need to be tackled, not the use of fossil fuels per se, reflecting a perspective that sees ongoing roles for oil and gas in the global energy mix until 2050.

IEA's Report and Industry's 'Moment of Truth'

Just before COP28, the IEA released a report confronting the fossil fuel industry with a 'moment of truth.' It called on producers to either contribute to worsening the climate crisis or pivot towards clean energy production.

Oil and Gas Industry's Role in Climate Solutions

The attendance of Exxon's CEO at the U.N.-sponsored summit symbolized a broader trend among oil and gas corporations, which are increasingly attempting to rebrand themselves as part of the climate change solution. Despite declining to project future demand levels, Exxon maintains that oil and gas will maintain an 'important role' in the energy sector.

Oil Executives at Climate Summits

Woods' presence at the climate summit marks a first for an Exxon CEO. This reflects the industry's heightened engagement with climate issues and their public relations efforts to shape their image in the context of global warming solutions.

Exxon, COP28, CarbonCapture