October 7, 2020 Read More →

ExxonMobil plans huge GHG emissions increase over next five years

The Energy Mix:

ExxonMobil may be plotting to increase its already enormous annual greenhouse gas emissions by 17% over the next five years, as much as the entire nation of Greece, according to an internal assessment of the company’s US$210-billion investment strategy obtained by Bloomberg Green.

The report landed just days after Exxon warned that its financial losses for the third quarter of the year may be higher than expected, and in the same week the colossal fossil was temporarily surpassed by Florida-based utility NextEra Energy as the biggest energy company in the United States.

Although the Forbes analysis attributes Exxon’s fall primarily to the economic impacts of the pandemic, analysts at Moody’s Investors Service were assigning the company a “negative” rating last November, before COVID-19 hit, and the Institute for Energy Economics and Financial Analysis has been questioning its all-in fossil strategy for years. Exxon earned a round of mockery in 2017 for its projection that oil, gas, and coal would supply 77% of global energy demand in 2040, against only 4% for renewables, and was unceremoniously dumped from the Dow Jones Industrial Average last month. 

[Staff Report]

More: Exxon Projections Show Massive Emissions Increase As Quarterly Financial Losses Mount

Posted in: IEEFA In the News

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