{"id":31686,"date":"2016-10-19T16:13:12","date_gmt":"2016-10-19T15:13:12","guid":{"rendered":"http:\/\/www.climatechangenews.com\/?p=31686"},"modified":"2016-10-19T16:49:39","modified_gmt":"2016-10-19T15:49:39","slug":"exxon-ceo-world-needs-oil-of-five-saudi-arabias-by-2040","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2016\/10\/19\/exxon-ceo-world-needs-oil-of-five-saudi-arabias-by-2040\/","title":{"rendered":"Exxon CEO: world needs oil of five Saudi Arabias by 2040"},"content":{"rendered":"<p><strong>Global demand for energy will grow 25% in the next 25 years and countries will guzzle oil five times the size of Saudi Arabia\u2019s reserves.<\/strong><\/p>\n<p>Exxon Mobil CEO Rex Tillerson was on bullish form in London on Wednesday, dismissing any concerns that the UN\u2019s new climate treaty will limit near-term consumption of oil and gas.<\/p>\n<p>His scenario would blow efforts to contain global warming to below the 2C danger zone sky high, unless nascent carbon capture technologies come online fast.<\/p>\n<p>While greenhouse gas emissions in developed countries will likely peak in 2030, developing economies will struggle as they burn more fossil fuels, Tillerson told the Oil and Money conference.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Exxon&#39;s Rex Tillerson: CO2 emissions to peak around 2030; developing countries will meet Paris climate targets; harder for developed <a href=\"https:\/\/twitter.com\/hashtag\/OM2016?src=hash&amp;ref_src=twsrc%5Etfw\">#OM2016<\/a> <a href=\"https:\/\/t.co\/zEDtbCRQJN\">pic.twitter.com\/zEDtbCRQJN<\/a><\/p>\n<p>&mdash; Andrew Ward (@andrew_ward1) <a href=\"https:\/\/twitter.com\/andrew_ward1\/status\/788672812332580864?ref_src=twsrc%5Etfw\">October 19, 2016<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As a company Exxon \u201cshares the view that addressing climate change is serious and warrants thoughtful action,\u201d he said, citing projects on carbon capture, efficiency and waste heat conversion.<\/p>\n<p>Tillerson also said he supports a price on carbon, noting that Exxon already operates with an average internal carbon cost of $80 per tonne, double that of Shell.<\/p>\n<p>\u201cWe have long used a proxy cost of carbon\u2026 there\u2019s a range depending on the country, depending on the tax that we think would be appropriate,\u201d he said.<\/p>\n<p>\u201cWe\u2019re trying to influence and inform people and business on the choices they make.\u201d<\/p>\n<blockquote><p><a href=\"http:\/\/www.climatechangenews.com\/2016\/10\/05\/the-new-climate-math-is-a-declaration-of-war\/\" target=\"_blank\"><strong>Analysis:<\/strong>\u00a0Why the new climate math is a declaration of war<\/a><\/p><\/blockquote>\n<p>Exxon has come under intense pressure in the past year over evidence it ignored warnings from its own scientists of the dangers posed by burning fossil fuels way back in the 1980s.<\/p>\n<p>Leaked internal documents clash with the company&#8217;s public position over the past decades and funding of lobbying to cast doubt on the veracity of climate science.<\/p>\n<p>It\u00a0is facing an inquiry from a coalition of Democrat attorney generals led by New York State&#8217;s Eric Schneiderman into what the company knew.<\/p>\n<p>Tillerson avoided mentioning the issue, but insisted the company he has run since 2006 was committed to doing the \u201cright thing the right way\u201d.<\/p>\n<p>\u201cIntegrity is in everything we do. It\u2019s the foundation of trust and cooperation. A focus on integrity makes a corporations more effective,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"Rex Tillerson tells industry event oil and gas companies will thrive in coming decades despite climate policies","protected":false},"author":2,"featured_media":19577,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2434,2554,598],"tags":[80],"coauthors":[],"class_list":["post-31686","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-2c","category-carbon-bubble","category-fossil-fuels","tag-oil-and-gas","type-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Exxon CEO: world needs oil of five Saudi Arabias by 2040<\/title>\n<meta name=\"description\" content=\"Rex Tillerson tells industry event oil and gas companies will 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