Exxon Defends Carbon Capture Amid Skepticism At COP28: Report

On Saturday, the oil giant Exxon Mobil Corp's XOM CEO Darren Woods reportedly rejected the International Energy Agency's (IEA) recent claim that using wide-scale carbon capture to fight climate change was an implausible "illusion" at the COP28 climate summit in Dubai.

The CEO rejected the claim, citing that the 'same could be said about electric vehicles and solar energy' and commented, "There is no solution set out there today that is at the scale to solve the problem," reported Reuters. 

Notably, the IEA issued a report just ahead of the COP28, mentioning that the fossil fuel industry was facing a "moment of truth" where producers had to choose between deepening the climate crisis, or shifting to clean energy.

Exxon disclosed $17 billion of investment in its low-carbon business, including carbon capture, and argued that greenhouse gas emissions are the problem causing climate change, not the fossil fuels themselves.

According to the report, the company believed oil and gas would play an "important role" in the world through 2050 but declined to estimate demand levels. 

The report further noted Woods' appearance marked the first time Exxon's CEO attended one of the annual U.N.-sponsored climate summits and reflected a growing effort among oil and gas companies globally to transform themselves as part of the solution to global warming, as opposed to a cause.

Related: COP28 Climate Summit: A Moment Of Reckoning For Oil Execs, Or Just Déja Vu?

Price Action: XOM shares are trading higher by 0.05% at $103.04 on the last check Monday.

Photo Via Company