Exxon projects the world will reach 25 billion tonnes of energy-related carbon dioxide emissions in 2050, according to its energy outlook published on Monday. — Reuters
HOUSTON: Oil and natural gas are still projected to meet more than half of the world’s energy needs in 2050, or 54%, Exxon Mobil Corp says, with the world failing to keep global temperature increases below two degrees Celsius.
The largest US oil producer projects the world will reach 25 billion tonnes of energy-related carbon dioxide (CO2) emissions in 2050, according to its energy outlook published on Monday.
That is more than twice the 11 billion tonnes the United Nations Intergovernmental Panel on Climate Change (IPCC) said would be needed on average in its lower 2°C scenarios.
“An energy transition is underway, but it is not yet happening at the scale or on the timetable required to achieve society’s net-zero ambitions,” the producer said.
Exxon produces less than 3% of the world’s daily crude demand and in May its shareholders overwhelmingly rejected calls for stronger measures to mitigate climate change.
The International Energy Agency (IEA) has said since 2021 that much greater resources have to be directed to clean energy technologies to put the world on track to reach net-zero emissions by 2050.
Only two of the 55 technologies needed to reach net-zero emissions by 2050 are “on track,” Exxon said citing the IEA.
Emissions will decline only by 25% by 2050 as lower-emission options grow, the company said, below desired scenarios. — Reuters
