US super-majors yield to industry climate drive
US oil supergiants are following the example of their European rivals by yielding to the industry’s drive to help tackling climate change.
From next week Exxon Mobil, Chevron and Occidental Petroleum will all become members of the Oil and Gas Climate Initiative, years after snubbing the group, which was established in 2014.
The decision marks a clear departure from Exxon Mobil’s long-held scepticism over climate change and the dangers of global warming.
The supermajor’s chief executive described the challenge of meeting the world’s growing demand for energy with the need to tackle climate change as “one of the most important” issues facing the industry.
The decision to join ranks with European oil companies has emerged in spite of US President Donald Trump’s decision to crash out of the Paris Climate Accord.
The trio join ten of the largest oil producers in the world, including European super-majors BP, Shell and Total in support of the Paris Climate Agreement, which aims to limit the rise of global temperatures to avoid the worst consequences of climate change.
The OGCI aims to help accelerate the ambition, speed and scale of the industry’s response to climate change by committing to report on their carbon emissions and invest in measures to keep them at bay.
Each member the group, now representing around 30pc of global oil and gas production, contributes $100m to a shared investment fund, on top of the billions funnelled collectively towards low-carbon technologies in their own operations.
Darren Woods, boss of ExxonMobil, said: “It will take the collective efforts of many in the energy industry and society to develop scalable, affordable solutions that will be needed to address the risks of climate change.
“Our mission is to supply energy for modern life and improve living standards around the world while minimising impacts on the environment."
He added: “This dual challenge is one of the most important issues facing society and our company.”
Mr Trump withdrew the US from the global deal to limit warming which was signed by almost 200 countries. He has also rolled back legislation which limits the greenhouse gas emissions from its coal-fired power plants.
