Exxon Mobil

Exxon Mobil CEO Recommends a Cautious Approach for the Transition to Renewable Energy

Brian McCowan, Zondits staff, 7/25/2022

Global climate change and inflation are currently front and center topics of concern. While many urge aggressive action to speed the transition to clean renewable energy, Exxon Mobil CEO Darren Woods suggests a more cautious approach. In a wide-ranging video interview with CNBC, Woods ties the energy transition to the economic impacts of rising gasoline and other fossil fuel costs and warns that society will “pay a high price” if the transition is too abrupt.

The following is excerpted from the CNBC introduction to the video interview, titled EXXONMOBIL AT THE CROSSROADS:

“In an interview with CNBC’s David Faber, Woods cautioned against a government policy that fails to balance the current demand for affordable energy with the need for lower emissions. He said that underinvestment in the oil and gas industry correlates to higher prices. Instead, Woods continued his calls for a price on carbon to create a market incentive for lowering emissions.”

CNBC.com: Exxon Mobil CEO cautions against an abrupt energy transition, warning underinvestment leads to high gas prices

CNBC sought reactions from climate activists, including Katharine Hayhoe, chief scientist at The Nature Conservancy, who had a contrasting caution, “If we don’t fix climate change, it will fix us.”