The CEO of the oil company Exxon Mobil, Darren Woods, expressed that the withdrawal of the United States from the Paris Agreement would be "extremely inefficient" and would generate uncertainty in global efforts against climate change. Woods emphasized that a second withdrawal of the U.S. would harm the fight against the worst effects of climate change by confusing global actions to limit the rise in global temperatures.
Exxon is facing various lawsuits related to its contributions to global warming and has committed to a $20 billion investment by 2027 in the development of low-carbon technologies, such as carbon capture, hydrogen, and domestic lithium, among others. Darren Woods stated that the company would continue with this plan during a possible second Trump administration, although they might adjust short-term investments if government policies supporting these technologies undergo significant changes.
Exxon, like other oil companies, has been pressing Trump’s advisors and the Republican Party to maintain the tax credits established in Biden’s climate law, which incentivizes the technologies that companies are investing in, such as carbon capture. Woods emphasized that business decisions should not be influenced by political agendas and that consistency in climate commitments is essential for effectively advancing the fight against climate change.
Amid the climate summit in Baku, Azerbaijan, Darren Woods reiterated the importance of keeping the U.S. in the Paris Agreement and highlighted the need to avoid stops and starts in international commitments. The company remains steadfast in its focus on technological and sustainable development, regardless of potential political changes that may arise in the future.
