Bloomberg reports: President Donald Trump faces some unlikely opposition to the idea of pulling the U.S. out of the 2015 Paris climate accord: Exxon Mobil Corp. and ConocoPhillips, two of the world’s biggest oil producers.
Both companies reiterated their support Wednesday for the global agreement to cut greenhouse gas pollution amid reports that Trump planned to ditch a pact he says hurts the U.S. economy. Their argument: The U.S. is better off with a seat at the table so it can influence global efforts to curb emissions that are largely produced by the fossil fuels they profit from.
Exxon Chief Executive Officer Darren Woods took it a step further during the company’s annual investor meeting in Dallas, saying that oil demand will continue to grow in the coming decades, even with the Paris agreement in place.
“Energy needs are a function of population and living standards,” Woods said in his first annual meeting since becoming chief executive officer on Jan. 1. “When it comes to policy, the goal should be to reduce emissions at the lowest cost to society.”
Woods has been a staunch advocate for keeping the U.S. in the Paris group, as was his predecessor Rex Tillerson, who is now Trump’s secretary of state. In his first blog post after becoming CEO, Woods advocated low-emission fuels, carbon capture and biofuels as tools for meeting the goals of the Paris agreement. [Continue reading…]