“Big Oil’s Climate Dilemma: Why Exxon and Other Fossil Fuel Giants Want the U.S. to Stay in the Paris Agreement”
The United States is at a crossroads in terms of its climate policy as a new administration prepares to take office. President-elect Donald Trump has expressed his intention to withdraw the U.S. from the Paris climate accord, a landmark agreement aimed at combating climate change. However, major fossil fuel corporations, including ExxonMobil, have voiced their support for the U.S. to remain in the agreement.
In an interview with Samantha Gross, the director of the Energy Security and Climate Initiative at the Brookings Institution, it was revealed that big oil companies prefer a more consistent climate policy in the U.S. This is because they make long-term investments and need a stable policy environment to plan for the future. Additionally, these companies are concerned about their reputation and do not want to be seen as encouraging the U.S. to pull out of an important global agreement.
While the oil industry is not monolithic in its opinions, with smaller regional companies often taking a different stance, the larger corporations are more attuned to their image and the need for a transition to a lower carbon future. These companies have the resources and skills to invest in new technologies such as carbon capture and storage and hydrogen production.
Despite the potential withdrawal from the Paris Agreement, there are still opportunities for the U.S. to take action domestically to address climate change. The automotive industry is moving towards electric vehicles, utilities are increasingly using renewables, and existing laws like the IRA provide incentives for green actions.
In the face of rising carbon emissions and slow progress in cutting emissions, Gross emphasizes the importance of continuing to invest in known technologies like renewable energy and reducing methane emissions. While the pace of change may not be as fast as needed, there has been progress in recent years towards limiting global warming. It is crucial to maintain momentum and push for further research and development in climate solutions.
Overall, the message for climate-concerned individuals is to remain hopeful and continue advocating for action on climate change. While challenges remain, there has been progress, and with continued effort and investment, the trajectory towards a more sustainable future can be improved.