"Exxon Says Global Climate Goals Are Destined To Fail"

"The company’s researchers predict that an expanding population and worldwide economy will drive up energy demand for fossil fuels."

"Exxon Mobil projected that greenhouse-gas emissions and the efforts to keep the planet’s temperature from rising beyond an increase of 2 degrees Celsius by 2050 is destined to fail in a report released by the oil giant on Monday.

Oil and natural gas are projected to meet more than half of the world’s energy needs in 2050, or 54 percent, because of their “utility as a reliable and lower-emissions source of fuel for electricity generation, hydrogen production, and heating,” according to the Houston-based company.

The report stated carbon emissions stemming from burning fossil fuels and energy consumption will drop to 25 billion metric tons in 2050, due to the rise of renewable energy sources, decline of coal, and improvements in energy efficiency. This is expected to bring down energy consumption by 26 percent from a peak of 34 billion metric tons projected sometime in the current decade. But despite that decline in emissions, the worldwide carbon output is predicted to rise well above the levels the United Nations’ climate-science advisory body says would limit the effects of climate change."

Lyric Aquino reports for Grist August 29, 2023.

Source: Grist, 08/31/2023