That inestimable corporate institution, Exxon-Mobil, announced today, on the heels of the IPCC WG2 report, that:
… it was “highly unlikely” that the world would cut greenhouse gas emissions sufficiently to keep global warming within the internationally agreed limit of 2C. In two reports on the implications of climate change for its business published on Monday, Exxon rejected suggestions that policies to cut emissions would leave many of its oil and gas assets “stranded” – incapable of being profitably developed.
It accepted that carbon dioxide emissions created by burning fossil fuels were raising global temperatures, and that warming created risks, but argued that the threat needed to be weighed against other objectives, including the need for energy in developing countries.
Creating a reasonable chance that the rise in temperatures stayed below 2C would mean cutting greenhouse gas emissions 80 per cent by 2050, and putting a price on carbon far in excess of levels now prevailing in the EU’s emissions trading scheme, costing the average US household thousands of dollars per year, it said.
ExxonMobil believes that although there is always the possibility that government action may impact the company, the scenario where governments restrict hydrocarbon production in a way to reduce GHG emissions 80 percent during the Outlook period is highly unlikely.
I’d say, this is in part due to the continuing success of the fossil fuel divestment movement. The previously Unassailable Giant has spoken, and is worried, which is why they are spending so much time directly addressing the challenge.
What they are saying, in short, is that “We don’t believe you have the balls to cut emissions by reducing consumption, or by imposing taxes, because your populations are too soft, squishy, and desirous of creature comforts to do otherwise.”
In other words, Exxon-Mobil, and its Overpaid White Guys at the Top, are saying “Let them eat cake.”
Update, 0158 ET, 1st April 2014
- Climate policies ‘highly unlikely’ to stop demand for our oil and gas
- Exxon-Mobil at SourceWatch
- No ‘stranded assets’
- Exxon sees little climate change risk to assets
- “What good is it to save the planet if humanity suffers?” Yeah, we’ll all go together when we go. (See below.) As long as we truly love one another, what does it matter?