According to ExxonMobil’s chief executive, Darren Woods, the general public is responsible for the world’s failure to meet its climate objectives. This statement has been met with criticism from experts in the field of climate change.

Exxon, the world’s biggest privately owned oil corporation, is a major contributor to the emission of greenhouse gases that contribute to global warming. However, CEO Woods claimed in an interview on Tuesday that the responsibility for the climate crisis does not solely lie with large oil companies.

According to Woods, the actual problem is that the transition to clean energy may end up being too costly for consumers to accept.

“The unspoken reality that everyone avoids discussing is the steep financial burden and determining who will shoulder it,” he shared with Fortune in the previous week. “Those responsible for producing these emissions must be held accountable and bear the cost. That is the only way to effectively address the issue.”

According to Woods, the global community is not currently taking the necessary steps to reduce planet-warming emissions to net zero by 2050, a crucial measure to prevent devastating effects of climate change. Woods, the CEO of Exxon since 2017, questioned when individuals will be willing to financially support efforts to reduce carbon emissions.

“There are options available to produce fuels containing less carbon, however, individuals are reluctant to invest in such measures.”

According to experts, Woods’s language is a ploy to avoid taking responsibility for climate issues. Meeting the agreed temperature thresholds will require halting the construction of new oil and gas infrastructure, but despite record profits, Exxon and other oil companies are persisting with their ambitious plans for expanding fossil fuels.

According to Gernot Wagner, a climate economist at Columbia Business School, it’s similar to a drug lord who refuses to take responsibility for their involvement in drug issues.

I regret to inform you that as the CEO of the biggest oil company that is publicly traded, your actions and decisions hold significant influence. Exxon not only follows market trends, but also has the power to shape them and impact policies. Therefore, it is not fair to place the blame on the public for the lack of progress in tackling climate change.

Numerous internal records and studies dating back to the 1970s have revealed that Exxon was aware of the risks associated with global warming. Despite this knowledge, the company actively and effectively spread uncertainty about the issue and hindered efforts to address the use of fossil fuels. These discoveries have sparked legal action against Exxon throughout the country.

Robert Brulle, a climate expert at Brown University, states that the true intention behind their actions is to erase their history and hide it from view. He has conducted research on how the fossil fuel industry spreads misinformation regarding climate change.

In 2021, an examination also revealed that Exxon had minimized its involvement in the climate crisis through their public communication for many years.

According to Naomi Oreskes, a historian of science at Harvard and co-author of a paper in 2021, the strategy is to market a harmful product to consumers while publicly denying or minimizing its risks. Then, when the risks become impossible to ignore, shift the blame onto the consumer and shirk responsibility.

In a study by Oreskes, it was discovered that Exxon’s own scientists accurately predicted the course of global warming but deliberately created uncertainty around climate science and policies in order to safeguard their business model.

During the interview on Tuesday, Woods expressed his belief that the development of carbon-free technologies has been delayed. He acknowledged Exxon’s recognition of the need for decarbonization and suggested that a carbon tax could aid in achieving this goal. He also defended the company’s lower investment in renewable energy, stating their focus on emerging technologies like carbon capture and hydrogen fuels.

According to Woods, Exxon believes that traditional clean energy sources like wind and solar are not capable of producing exceptionally high profits for investors.

“We acknowledge the necessity for that. However, we do not view it as a suitable application of ExxonMobil’s abilities,” he stated.

Woods does not mention that his company lobbied to fend off provisions in an earlier version of the legislation that would have levied heavy taxes on polluting companies to pay for climate efforts, or that a top Exxon lobbyist was filmed saying that the firm’s support for a carbon tax was a public relations strategy meant to stall more serious climate policies.

“They have been telling us for years that the science was too uncertain to take action, that it was too early to act, and that we should wait and observe how things progressed,” stated Oreskes. “But now the CEO is saying: oh no, we have waited too long. If this isn’t gaslighting, I’m not sure what is.”

Wagner stated that Exxon was promoting its goal to reduce emissions from its own operations while simultaneously relying on the assumption that other countries will not take similar actions, in order to maintain the sale of oil.

He cannot have contradictory statements by claiming “we are an energy company” but also disregarding the most affordable source of electricity ever and not considering it as an investment opportunity for Exxon.

Exxon is currently engaged in a legal battle against activist investors who are urging the company to adopt more rigorous environmental regulations. According to Woods, these shareholders are attempting to hinder Exxon’s primary business strategy of selling fossil fuels, a stance the company is unwilling to compromise on.

The speaker stated that they aim to satisfy shareholders who make genuine investments and have a vested interest in the company’s success and returns. They do not feel obligated to appease activists who manipulate and exploit the system to further their own agenda.

During the interview, Fortune CEO Alan Murray noted that Exxon has been granted subsidies under the 2022 Inflation Reduction Act to support their clean energy business. However, CEO Darren Woods cautioned against relying on government subsidies as a long-term sustainable strategy for business growth.

He stated that the government is using subsidies as a means to encourage and spark investments in this area. However, generating substantial investments on a scale that can make a noticeable impact will require a significant amount of funding.

However, according to Brulle, most of Exxon’s investments are still focused on expanding their fossil fuel operations.

“They will essentially put the blame on the victim, the American public,” he stated.

“They allocate significant funds towards fossil fuels and invest billions in attempting to sway public opinion, yet we are expected to bear the costs of the resulting harm.”

Source: theguardian.com