On Monday, Exxon Mobil stated that by 2050, fossil fuels such as crude oil and natural gas are expected to still supply more than half of the world's energy needs, with 54% of global energy supply to continue being met by crude oil and natural gas, while global temperatures are feared to rise above the previously assessed 2℃.
According to Exxon Mobil's energy outlook released on Monday, the largest oil producer in the United States expects global carbon dioxide emissions related to energy to reach 25 billion tons by 2050. This is more than twice the 11 billion tons required by the United Nations Intergovernmental Panel on Climate Change (IPCC) to keep the temperature rise below 2℃ by 2050.
Currently, Exxon Mobil's daily crude oil production is less than 3% of global demand. However, in May this year, the company's shareholders overwhelmingly rejected calls for stronger measures to mitigate climate change.
Since 2021, the International Energy Agency (IEA) has been stating that more resources must be allocated to clean energy technologies to put the world on the path to achieving net-zero emissions by 2050. Exxon Mobil, citing data from the International Energy Agency, said that of the 55 technologies needed to achieve net-zero emissions by 2050, only two are “on track”. The carbon emissions by 2050 will only decrease by 25%, much lower than the scenario anticipated by the International Energy Agency.
Exxon Mobil expects that with the growth of the economy and energy demand, carbon dioxide emissions related to energy will peak at more than 34 billion tons at some point in the next decade, and might only fall to 25 billion tons by 2050, which is significantly higher than the 11 billion ton target proposed by the United Nations Intergovernmental Panel on Climate Change.
Exxon Mobil plans to invest 17 billion dollars over the next six years in carbon capture and storage as well as other low-carbon technologies like hydrogen. However, the company stated that these two technologies are not yet commercialized. Under the United Nations Intergovernmental Panel on Climate Change's requirements to control warming below 2°C, the company's plan demonstrates the energy industry's commitment to this goal.
Exxon Mobil is prepared to use most of the 17 billion dollars to reduce carbon emissions from its operations and third parties. Unlike its European counterparts, Exxon Mobil has kept a distance from integrated renewable energies like wind and solar power. The company expects that by 2050, its wind and solar energy will provide 11% of the global energy supply, which is five times its current scale.
