In a new report, Exxon states that there is no probability that all of the fossil fuels in its reserves will not be burned during the next decades. The company is no longer denying Global Warming, but it is convinced that no government will make so drastic changes that there will be no need for buying and burning their fossil fuels. And it is this way it goes, if we let the ones in power have their way. Though the number of direct deniers is dwindling, the world is dominated by people in power, doing nothing more than nodding in agreement about the dangers of Global Warming, but taking no drastic action to change the course.
Where does this leave the rest of us? In an increasingly warmer world.
As you can read, they use the argument that this is to benefit the people striving for better living conditions! No consideration for the millions of people who will be much worse off, due to burning of all these reserves. All of Exxon’s reserves should stay in the ground!
Exxon Mobil Corp, the world’s largest publicly traded oil company, said on Monday that risks related to climate change pose little risk to its oil and gas reserves because the resources will be needed to meet expected growth in energy demand.
Responding to queries from shareholder activists, the company also said it is “confident” that none of its oil and gas reserves will lose value or become “stranded” if governments act to slash carbon emissions.
“We believe producing these assets is essential to meeting growing energy demand worldwide, and in preventing consumers – especially those in the least developed and most vulnerable economies – from themselves becoming stranded in the global pursuit of higher living standards and greater economic opportunity,” Exxon said in a report released in response to call from activist shareholders.
Earlier this month, the Irving, Texas-based company agreed to detail the risks climate change poses to its carbon assets in exchange for the withdrawal of a shareholder proposal on the issue.
The resolution, filed by investors from As You Sow and Arjuna Capital, cited studies suggesting that lower demand or prices for fossil fuels might emerge in coming years as a result of climate change or greater carbon regulation.
Based on its previously published long-term outlook, Exxon expects the world to require 35 percent more energy by 2040 and greenhouse gas emissions are expected to plateau in that period.
While governments could take action that affects Exxon, the company said it is “highly unlikely” that governments would restrict greenhouse gas emissions 80 percent over the next 30 years.