ExxonMobil Chief Says Climate Effort Too Focused on Renewable Energy

DUBAI, United Arab Emirates — The chief executive of the world’s largest oil and gas company believes global efforts to curb the effects of climate change have focused too much on renewable energy, while neglecting hydrogen, carbon capture and other technologies.

“The transition is not limited to just wind, solar and EVs,” ExxonMobil Chief Executive Darren Woods told the Financial Times of London during an interview on the sidelines of the COP28 climate talks on Saturday.

“Carbon capture is going to play a role. We’re good at that. We know how to do it, we can contribute. Hydrogen will play a role. Biofuels will play a role,” he said.

This year was Woods’ first at the climate event. While there, he and the top executives from 50 other global oil and gas companies signed a pledge to cut emissions from their own operations.

While many of the countries in attendance at the climate talks were pushing for a global agreement to phase out fossil fuels to limit the global temperature rise to no more than 1.5°C above pre-industrial levels, Woods suggested they’re missing a key point.

Such talk, he told the Financial Times, puts “way too much emphasis on getting rid of fossil fuels, oil and gas, and not … on dealing with the emissions associated with them.”

Woods said one alternative would be to completely replace the use of oil and gas and coal in some countries, while acknowledging the continued demand in others. In the latter group of countries, he said, “you’ll deal with the emissions.”

Critics of the oil and gas industry contend ExxonMobil and others are simply trying to delay global efforts to address climate change; others say the companies are actually scared because pressure to end reliance on fossil fuels is gaining momentum.

Woods told the Financial Times that he doesn’t spend much time thinking about such talk.

“I focus more on what we can do to contribute and meet the needs in society,” he told the newspaper.

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