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
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“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.
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“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.
Blink Charging (Nasdaq: BLNK) has struck a deal with Hubject to make charging easier for EV drivers across North America.
The agreement will bring Blink into Hubject’s intercharge eRoaming platform as a charge point operator. That means electric mobility service providers (eMSPs) and their customers in the US, Canada, and Mexico will soon have access to Blink’s charging stations through their existing apps. In turn, Blink drivers will gain better access to stations connected through Hubject’s network.
Hubject, which already connects more than 1 million charging points and 2,750 partners worldwide, expects the integration to strengthen its North American presence by adding Blink’s wide-ranging network of chargers, from Level 2 workplace stations to DC fast charging. Blink, meanwhile, anticipates more customers will plug in, thanks to Hubject’s reach.
“Our collaboration with Blink marks an important step in expanding our North American intercharge network,” said Trishan Peruma, CEO of Hubject North America. “By integrating Blink’s network into our eRoaming platform, we aim to help reduce barriers that have historically complicated EV charging and to support the continued growth of EV adoption across the United States, Canada, and Mexico.”
Blink Charging’s president and CEO Mike Battaglia added, “Connecting the Blink Network to Hubject’s platform will allow more drivers to benefit from interoperable charging while traveling.”
The integration will use the industry-standard OCPI protocol to keep billing and communication between networks secure and reliable. Deployment is planned in phases throughout 2025, with full integration targeted for the end of the year.
Read more: Blink just made it a lot easier to find its charging stations
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Hyundai wants to make the electric sports car for everyone. Not just those who can afford it. The new Hyundai IONIQ 5 N Essentials trim was launched in Korea on Monday, offering a lower price tag but the same thrilling drive.
Hyundai launches new IONIQ 5 N Essentials in Korea
The IONIQ 5 N is Hyundai’s first EV sports car under the IONIQ series. Initially launched in 2023, the IONIQ 5 N marked a new era for Hyundai’s high-performance N division.
Hyundai’s electric hot hatch not only looks the part with added sporty “N” branded elements scattered inside and out, but it’s also packed with fun features, advanced tech, and a host of drive modes.
Based on a dual-motor all-wheel drive (AWD) powertrain, the IONIQ 5 N delivers up to 641 horsepower when N Grin Boost is engaged. Even without it, the electric sports car packs 601 hp.
It also draws power from an 84 kWh battery, good for an EPA-estimated range of 221 miles. On the WLTP scale, it’s rated with an official range of 278 miles (448 km). The added power results in a lower range than other IONIQ 5 trims.
Although it was already one of the most affordable sports cars, EV or gas-powered, Hyundai is lowering the price even further.
After launching the new Essentials model in South Korea on Monday, Hyundai said the new trim “is characterized by lowering the barrier to entry so that customers can experience the overwhelming driving performance of the IONIQ 5 N at a reasonable price through optimized specifications.”
Hyundai focused on core convenience features while including the same high-performance motors, battery, and N-specific elements as the base model.
A Hyundai official said, “The Essential trim of the IONIQ 5 N is a new trim that offers greater cost-effectiveness to lower the barrier to entry for high-performance electric vehicles.”
The IONIQ 5 N features advanced driver assistance systems (ADAS), including highway driving assist and navigation-based smart cruise control. Hyundai has also added an exclusive new “Parking Assist Lite” package, offering safety and convenience features such as surround view monitoring and rear parking assistance.
The new Hyundai IONIQ 5 N Essentials trim starts at 74.9 million won ($54,000), including tax benefits. Hyundai said it will continue to make competitive products so more buyers can experience high-performance EVs.
Although the Essentials trim is not available in the US, the IONIQ 5 N is still more affordable than most sports cars. The 2025 Hyundai IONIQ 5 N starts at $66,200. But, with the $7,500 tax credit, which is set to expire on September 30, leases are currently listed as low as $549 per month.
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A federal judge has cleared the way for Ørsted’s nearly complete 704-megawatt (MW) Revolution Wind offshore wind farm to restart construction, overturning a stop-work order imposed by the Trump administration.
Reagan-appointed senior US District Judge Royce C. Lamberth granted a preliminary injunction in Washington, DC, calling the government’s conduct “the height of arbitrary and capricious government conduct.” He added, “If Revolution Wind cannot meet benchmark deadlines, the entire project could collapse. There is no doubt in my mind of irreparable harm to the plaintiffs.”
Ørsted welcomed the ruling and said in a statement, “Revolution Wind will continue to seek to work collaboratively with the US Administration and other stakeholders toward a prompt resolution. Revolution Wind will resume impacted construction work as soon as possible, with safety as the top priority.”
The decision marks a significant setback for the Trump administration’s attempts to stall offshore wind development. Revolution Wind is already about 80% complete, with all turbine foundations and 45 of 65 turbines successfully installed, and expected to power 350,000 homes in Rhode Island and Connecticut. Earlier this month, the two states’ attorneys general announced they were suing the Trump administration to overturn its “baseless” decision to halt Revolution Wind. That underlying lawsuit challenging the stop-work order will continue to progress.
Oceantic Network CEO Liz Burdock said, “Today’s decision allowing work to resume on Revolution Wind is welcome news for the hundreds of skilled workers who can now return to their jobs while the legal process continues. This Made in America energy project is putting Americans to work building reliable, affordable power to communities across New England that desperately need it.”
Read more: Connecticut, Rhode Island sue Trump to save 80% complete offshore wind farm
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