Exxon Defends Carbon Capture Amid Skepticism At COP28: Report
Portfolio Pulse from Lekha Gupta
Exxon Mobil Corp's CEO Darren Woods defended the company's investment in carbon capture technology at the COP28 climate summit, rejecting the IEA's claim that it's an 'illusion' for fighting climate change. Woods compared carbon capture's potential to that of electric vehicles and solar energy, emphasizing that no current solution is sufficient to solve the climate crisis alone. Exxon plans to invest $17 billion in low-carbon initiatives, including carbon capture, and maintains that fossil fuels will remain important through 2050. This marks Woods' first attendance at a U.N.-sponsored climate summit, indicating a shift in the oil and gas industry's approach to climate change.
December 04, 2023 | 2:52 pm
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Exxon Mobil Corp's CEO defended carbon capture investments at COP28, contrasting IEA skepticism. Exxon commits $17 billion to low-carbon tech, asserting the ongoing importance of fossil fuels.
Exxon's defense of carbon capture and commitment to invest in low-carbon technology may reassure investors about the company's direction in addressing climate change. However, the impact on the stock price is likely to be neutral in the short term as the market digests the long-term implications of these initiatives and the ongoing debate about the effectiveness of carbon capture.
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