For a few months now, ExxonMobil has been hit by a series of politically motivated legal attacks related to our climate research.
Amid all the tumult, it’s easy to lose track of the most elemental – if not the most important – facts about our corporation’s position on climate change.
So let me take this opportunity to restate it.
At ExxonMobil, we believe the risks of climate change are real.
We are actively working to reduce greenhouse emissions in our own operations and to help our customers reduce their emissions as well.
That means developing technologies that reduce emissions, including working to improve energy efficiency and advance cogeneration. In fact, our cogeneration facilities alone enable the avoidance of approximately 6 million metric tons of greenhouse gas emissions each year, and allow us to feed power back to the grid in certain instances.
We are also developing next-generation biofuels that don’t compete with food and water resources. Much of this research is conducted through partnerships with leading universities and research institutions including the Colorado School of Mines, Michigan State, Northwestern University, and the University of Wisconsin.
Meanwhile, we are advancing conventional carbon-capture-and-storage technology while at the same time pursuing innovative carbon-capture solutions involving carbonate fuel cells. This far-sighted research aims to reduce the cost of carbon capture while keeping CO2 out of the atmosphere.
All told, since 2000, ExxonMobil has spent approximately $7 billion to develop lower-emission energy solutions.
That figure doesn’t include the fact that as the nation’s leading producer of natural gas, ExxonMobil has helped contribute to the overall drop in energy-related CO2 emissions over the past decade.
As policymakers develop mechanisms to meet the goals set in Paris, they are expected to focus on reducing the greatest amount of emissions at the lowest cost to society. At the same time, they should recognize important shared humanitarian needs, including providing reliable and affordable energy to improve living standards.
As a global issue, addressing the risks of climate change requires broad-based, practical solutions around the world.
ExxonMobil believes that effective policies to address climate change should:
- Ensure a uniform and predictable cost of carbon across the economy;
- Be global in application;
- Allow market prices to drive the selection of solutions;
- Minimize complexity and administrative costs;
- Maximize transparency; and
- Provide flexibility for future adjustments to react to developments in climate science and the economic impacts of climate policies.
Of the policy options being considered by governments, we believe a revenue-neutral carbon tax is the best option to fulfill these principles.
To read more about ExxonMobil’s efforts to address the risks of climate change, please visit our corporate website.