Amid reports that U.S. President Donald Trump plans to withdraw the US from the Landmark Paris climate accord of 2015, both ConocoPhillips and Exxon Mobil have declared their support for the deal which aims to reduce greenhouse gas pollution. The shareholders of the two companies argued Wednesday that it was in the interests of the world’s biggest economy not to isolate itself as it was better off being in a position where it could influence global efforts aimed at curbing emissions produced by fossil fuels.
The chief executive officer of Exxon Mobil, Darren Woods, also told the annual investor meeting of the company that was being held in Dallas, Texas that the demand of oil would continue to grow in coming decades despite the Paris accord.
“Energy needs are a function of population and living standards. When it comes to policy, the goal should be to reduce emissions at the lowest cost to society,” said Woods in his inaugural annual meeting since being named CEO to replaced Rex Tillerson who left the oil giant to becoming the U.S. Secretary of State.
Like his predecessor, Woods has strongly advocated for the importance of the United States sticking with the Paris climate deal. In his inaugural online posting after being named the chief executive officer of the energy giant, Woods argued that biofuels, carbon capture and low-emission fuels were the answer to ensuring that the Paris agreement goals were met. Woods reiterated his commitment to the accord on Wednesday.
According to the Exxon Mobil CEO, the increasing population in the world and the improvement of living standards will lead to a higher demand for petroleum-derived fuels. This will be especially so in the transportation sector since there is no alternative that comes close to fossil fuels. Woods also pointed out that there was a huge potential of demand for energy in the one billion people in the world who at present lack access to electricity. Demand would also be found from 3 billion people who currently use primitive cooking fuels.
At the same time the largest independent gas and oil producer in the world, ConocoPhillips, also put its weight behind the Paris climate agreement. A spokesperson for the firm, Daren Beaudo, said that sticking with the deal would present the United States with the opportunity to engage in climate discussions in the future. This would safeguard