Exxon Mobil CEO urges COP28 to focus on reducing emissions — not phasing out fossil fuels
Dubai, UNITED ARAB EMIRATES — Exxon Mobil CEO Darren Woods on Saturday said the “problem statement” that countries need to focus on at the COP28 climate summit is reducing emissions, in contrast to calls for a collective commitment to phase out all fossil fuels.
For many at the summit, which is being held in the United Arab Emirates, COP28 can only be recognized as a success if it results in a deal to “phase out” all fossil fuels, whose burning is the chief driver of the climate crisis.
The language of the final agreement, expected by or around the Dec. 12 end of the conference, will be closely monitored. A “phase out” commitment would likely require a shift away from fossil fuels until their use is eliminated, while a “phase down” could indicate a reduction in their use — but not an absolute end.
There’s also an ongoing debate about whether an agreement should center on “abated” fossil fuels, which are trapped and stocked with carbon capture and storage technologies, or “unabated” fossil fuels, which are largely understood to be produced and used without substantial reductions in the amount of emitted greenhouse gases.
Asked by CNBC’s Steve Sedgwick at COP28 whether it would be the wrong scenario for countries to agree to the phase out of abated fossil fuels, Woods replied, “I think what society ought to focus on is the true problem here, which is emissions.”
“The challenge here is eliminating emissions,” he continued. “How we do that will be a function of where the technology goes, and what the circumstances are, and where those emissions are being emitted.”
‘Keep your mind open’
In a speech delivered to world leaders on Friday, U.N. Secretary-General António Guterres was unequivocal in his call for the burning of fossil fuels to be stopped outright, in order to prevent the worst effects of the climate crisis.
“We cannot save a burning planet with a firehose of fossil fuels,” Guterres said. “The 1.5-degree limit is only possible if we ultimately stop burning all fossil fuels. Not reduce. Not abate. Phaseout — with a clear timeframe aligned with 1.5 degrees.”
Not everyone is on board with calls to phase out fossil fuels, however. Russia has previously said it would oppose this language being used in the final agreement, while COP28 host the United Arab Emirates has instead signaled its preference for a “phase down.”
Darren Woods, chairman and chief executive officer of Exxon Mobil Corp, during the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, US, on Wednesday, Nov. 15, 2023. Executives from large multinationals are converging on the sidelines of APEC in San Francisco this week for an audience with the Chinese president and other Asian leaders as long-frosty US-China relations show only tentative signs of warming. Photographer: David Paul Morris/Bloomberg via Getty Images
Bloomberg | Bloomberg | Getty Images
“I don’t think there is a one-size fits all. I actually think that part of the thing that has slowed us down is this focus on making a step change and getting out of our existing energy system and starting something brand new. That is going to be a long, costly process that is going to be very, very expensive,” Exxon Mobil’s Woods said.
“Instead, what we ought to be looking at is how do we get from where we’re at today to a future with lower emissions, and that involves step changes in some areas. It certainly involves wind, solar and [electric vehicles], but it also involves decarbonizing what we currently have.”
Woods said that there are currently options to start reducing the carbon intensity of existing technologies “at a much lower cost.”
“So, stay focused on the problem statement of emissions. Keep your mind open to a variety of different solutions and make sure that the work that everybody is putting into this is focused on the areas of strength that we can make the most reduction the quickest,” he added.
Big Oil executives have previously sought to defend their core business model from climate criticism, saying it is not possible to keep everyone happy during the transition away from fossil fuels. Officials of large oil producing nations, including of the UAE, have likewise advocated for the energy security and affordability of using fossil fuels while transitioning toward the exclusive use of green energy.
Tengku Muhammad Taufik, president and group CEO of Malaysia’s state energy firm Petronas, said in early October, “So, the debate has always been posed here, I’m reminded of an old saying: ‘If you want to keep everyone happy, sell ice cream.’ We are not in the business of ice cream — and, I’m reminded, there are people who are lactose intolerant.”
‘Win-win-win’
Exxon announced in mid-October that it had agreed to buy shale rival Pioneer Natural Resources for a whopping $59.5 billion in an all-stock deal. The agreement was Exxon’s largest buyout since acquiring Mobil nearly 25 years ago and was seen to leave no doubt about its future support for fossil fuels.
Asked about criticism the U.S. oil giant has received from climate campaigners over the Pioneer deal, Woods said, “Well, the way we’re looking at this is, there is a demand for oil and gas today, and there will be demand for oil and gas going forward in the future.”
An Exxon Mobil gas station in Washington, DC, US, on Tuesday, Nov. 28, 203.
Bloomberg | Bloomberg | Getty Images
“What exactly that level is, we all have our different views on, but as long as there is demand out there, I think what society wants are the most responsible operators meeting that demand. And what we’re committing to do is [to] be the most responsible operator,” he added.
“We will basically produce more oil at a lower cost, more efficiently with less environmental footprint. That’s a win-win-win. And we’re improving U.S. energy security so there’s a lot to like about that deal,” Woods said.
On today’s informative episode of Quick Charge, we’ve got Honda engineers Jason Hwang and Emilio Sanchez to talk us through some of the things that make the GM Ultium-based Honda Prologue EV feel like a real Honda, and why that matters.
Jason and Emilio talk about some of the choices they made to make the Honda Prologue and Acura ZDX feel different from its GM-branded cousins, and explain why this was much more than a case of badge-engineering. Give it a listen, then let us know what you think of the Prologue and ZDX in the comments.
Today’s episode is sponsored by BLUETTI, a leading provider of portable power stations, solar generators, and energy storage systems. For a limited time, save up to 52% during BLUETTI’s exclusive Black Friday sale, now through November 28, and be sure to use promo code BLUETTI5OFF for 5% off all power stations site wide. Learn more by clicking here.
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Read more: All my favorite EVs, racecars, and robots from Electrify Expo Austin.
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The first EV charging hub funded by the Charging and Fueling Infrastructure (CFI) Program in the Eastern US is now online in Deerfield, Massachusetts.
The town installed the region’s first DC fast chargers (four ports), along with four Level 2 chargers, at 59 North Main Street in South Deerfield.
These new charging stations, funded with $2.46 million from the CFI program, are conveniently located near Interstate 91 in Franklin County, the most rural county in Massachusetts, which serves drivers from Connecticut up to the Canadian border.
The hub also features local and regional bus stops and designated bike lanes with secure onsite bike racks. The chargers are meant to cater to everyone: from local residents and visitors to municipal EVs and commercial vehicles that service the region’s businesses, like those in food and beverage manufacturing.
Gabe Klein, executive director of the Joint Office of Energy and Transportation, sees this as a model for future projects:
Multi-modal charging hubs in communities are key to giving more people the choice to ride and drive electric. The Town of Deerfield is showing leadership in building out convenient charging infrastructure that brings new transportation choices to rural and disadvantaged communities while supporting local commerce.
In recent years, Deerfield has experienced increased climate change-driven flooding from nearby rivers, including the Deerfield River, the Connecticut River, and the Bloody Brook. The project incorporates environmental engineering designed to mitigate and adapt to the effects of flooding and climate, including the installation of permeable asphalt and rain gardens, planting of native trees, grasses, and shrubs, and the creation of new greenspace in the center of Deerfield.
The Biden-Harris administration’s CFI Grant Program is expanding EV infrastructure nationwide. It offers grants for projects that complement and expand upon the initiatives of the NEVI program in urban, rural, and disadvantaged and low-income communities. So far, the CFI Grant Program has allocated over $1 billion to nearly 100 projects across the US, encouraging private investments and expanding the EV charging network to make EV ownership more practical and convenient.
Read more: The US reaches milestone of 200,000+ public EV charging ports
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Kia’s upcoming EV4 electric sedan was just spotted testing in the US for the first time. The low-cost EV is expected to make its big debut by the end of the year. Here’s a look at the new model.
The EV4 will round out Kia’s new “EVs for all” master plan launched last year. Kia showcased three new models, the EV3, EV4, and EV5, during its first annual EV Day in October 2023.
During the event, Kia outlined its new global strategy to “lead and accelerate the EV revolution” with a wide range of models priced from $30,000 to $80,000.
Kia plans to rapidly expand its lineup with a series of smaller, lower-priced models. It launched the EV9, its first three-row electric SUV, which is already proving to be a hot seller in the US. Starting at under $55,000, the EV9 is still a great deal compared to others in its class, but Kia plans to go even lower.
The EV3 and EV4 are expected to be among the most affordable electric vehicles when they arrive in the US.
Kia’s new EV4 is now testing in the US
Ahead of its official debut, Kia’s new EV4 sedan was recently caught driving on US streets for the first time.
The latest image from KindelAuto doesn’t reveal much more than what’s been shown in the past, but the fact that it’s now testing in the US is significant.
Kia’s EV3 is already on sale in Korea, starting at around $30,000 (42.08 million won). Earlier this week, the company said its new compact SUV is now available across Europe, starting at around $38,000 (36,000 euros) with a “segment-leading range” of up to 375 miles (WLTP).
Next up will be the EV4. Kia is expected to officially reveal the new EV by the end of the year, with deliveries starting in 2025. It could be as soon as next week at the 2024 LA Auto Show.
The interior will feature Kia’s advanced new ccNC infotainment system with dual 12.3″ navigation and driver display screens. An otherwise minalimalistic design is expected inside.
Kia’s EV4 will also be available in a hatchback variant. Although the hatch is likely aimed at European buyers, it was also recently spotted testing in the US for the first time.
We will learn official prices closer to launch, but the EV4 is expected to start at around $35,000 to $40,000.
Kia is teasing five new vehicles for the US, at least one being a new EV, that will debut at the LA Auto Show next week. Will it be the EV3? EV4?
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