Exxon Mobil has pushed back on a proposal from investors encouraging them to report on the risks to its business from restrictions on greenhouse gas emissions and potential environmental disasters.
Exon, the largest US oil producer, said the prospect of the world achieving NetZero carbon dioxide emissions by 2050 is remote and should not be further evaluated in its financial statements. They said the world is not on a path to achieving NetZero emissions in 2050. And limiting energy production to levels below consumption demand would lead to a spike in energy prices, as observed in Europe following oil sanctions against Russia over Ukraine.
The 2050 NetZero emissions scenario of the international energy agency envisions a path to limit the global temperature rise to nonpunitive degrees Celsius. The world meteorological organization on Wednesday said that threshold could be hit for the first time in the next five years.
