President-elect Donald Trump The United States should be included in the global effort to combat climate change, Exxon Mobil CEO Darren Woods said Tuesday.
Woods told CNBC that Trump should strive to adopt a “common sense” approach at the annual United Nations climate change conference and “continue to let the United States influence policy around the world.” “Gaga Box” Tuesday. Woods was speaking at a climate conference opening this week in Baku, Azerbaijan.
Trump withdrew the United States from the Paris climate accord in 2017 and is expected to do so again during his second term. President Joe Biden The decision to rejoin the agreement was signed on his first day in office in 2021. ExxonMobil Support.
Trump slammed the Paris Agreement as “grossly unfair to the United States” and vowed to repeal all unspent funds under the Inflation Reduction Act. Speech at the Economic Club of New York September. He has made energy policy a central part of his campaign platform, calling for unrestricted fossil fuel production.
ExxonMobil plans to invest $20 billion in 2027 Carbon capture and storage technologyhydrogen fuel and lithium mining for electric vehicle batteries in the United States.
Woods told CNBC on Tuesday that ExxonMobil technology investment Reducing emissions depends on federal tax credits established or expanded under the IRA. He warned that companies’ investment in these technologies will change if incentives are weakened or eliminated.
“There need to be incentives to reward these investments and generate returns,” Woods said. “If we see those incentives disappear or disappear completely, then that would certainly change our investment plans.”
Wood previously said ExxonMobil’s oil and gas production levels would not change due to the outcome of the U.S. presidential election, at least not in the short term.
“I’m not sure how ‘train, baby, train’ translates into policy,” Woods said told CNBC’s “Squawk Box” On November 1, one of Trump’s campaign slogans was quoted.
Exxon’s shale production has not been constrained under the Biden administration, the CEO said. He said ExxonMobil’s production levels depend on how much money the company can return to shareholders, not which political party is in power.
ExxonMobil shares have risen more than 20% since the beginning of the year.
