Exxon Mobil CEO Darren Woods warns that an abrupt transition to renewable energy will location off society to “pay a excessive price.”
The nationwide average price for a gallon of fuel is for the time being when it comes to $5, inflicting strife for all drivers, per AAA.
In an interview with CNBC’s David Faber, Woods cautioned in opposition to a govt coverage that fails to steadiness the sizzling seek files from for affordable energy with the need for decrease emissions. He said that underinvestment in the oil and fuel enterprise correlates to higher costs. As a substitute, Woods persevered his calls for a price on carbon to derive a market incentive for decreasing emissions.
Apart from impacting families who depend on cheap energy, Woods said that rising oil and fuel costs occupy already pushed customers in Europe to exercise other fossil fuels, cherish coal, in area of renewable energy.
Sherlina Nageer is an American activist in Guyana, the place Exxon Mobil recently invested $10 billion in a fourth offshore oil production mission. She told Faber that all oil development must quiet terminate, saying, “the negatives in the very long timeframe outweigh whatever positives will most most likely be reaped in the brief timeframe.”
Katharine Hayhoe, chief scientist at The Nature Conservancy, wired the significance of transitioning away from fossil fuels. She cautioned, “If we fabricate no longer repair climate commerce, this would perchance well repair us.”
Read extra about energy from CNBC Pro
When Faber asked Woods what Exxon Mobil will price cherish in 10 years, he predicted that the firm can also continue to establish half in oil and fuel exploration, though this would perchance well additionally put off in renewable energy solutions cherish biofuels.
As Exxon Mobil navigates the energy transition, Woods emphasized his commitment to balancing fresh demands for affordable energy with “the wants of the future as properly, which is decrease emissions.”
Watch the paunchy interview in the video and see the paunchy documentary, “ExxonMobil at the Crossroads,” on YouTube, Peacock and CNBC.com.
