ExxonMobil Global Outlook: Our View To 2050

While Shell, British oil and gas multinational, signals retreat from carbon offsetting as analyzed by the Guardian last September 8, her American sister Exxon Mobil releases “Our view to 2050”.

Considering it to be:

(1) one of the largest oil and gas corporations in the World,

(2) the largest direct descendant of John D. Rockefeller’s Standard Oil founded in 1870,

(3) a key dividend-paying stock, as extra income for many retirees,

and (4) a multinational headquartered in United States, country divided among pro- and anti-ESG advocates,

It might be worth analysing what is included in this report. Here we go with 10 quotes.

(1) “Affordable and reliable energy is at the core of every key measure of human development – elevating living standards, life expectancy, education, and income per person.”.

(2) “This challenge will only grow as the world’s population increases from about 8 billion people today to nearly 10 billion in 2050 – a rate of about 1 million people every six days.”.

(3) “Renewable energy continues to hold great promise, and we see wind and solar providing 11% of the world’s energy supply in 2050 … Other lower- emission options, such as biofuels, carbon capture and storage, hydrogen, and nuclear, will also play important roles.”.

(4) “And even with this … oil and natural gas are still projected to meet more than half (54%) of the world’s energy needs in 2050.”.

(5) “… need to dramatically scale up lower-emission solutions – beyond the current trajectory.”.

(6) “Coal will increasingly be displaced by lower-emission sources of electricity production – not just renewables but also natural gas, which has about half the carbon intensity of coal.”.

(7) “If every new passenger car sold in the world in 2035 were an electric vehicle, oil demand in 2050 would still be 85 million barrels per day.”.

(8) “Overall, energy-related CO2 emissions are projected to peak at more than 34 billion metric tons sometime this decade and then decline to 25 billion metric tons in 2050 … scenarios requires … 11 billion metric tons”.

(9) “Fossil fuels remain the most effective way to produce the massive amounts of energy needed to create and support the manufacturing, commercial transportation, and industrial sectors that drive modern economies.”.

and (10) “3 scalable technologies hold significant promise for hard- to-decarbonize sectors … Carbon capture and storage, Hydrogen and Biofuels”.

Click at the image below for this 9 pages executive summary.

By the way China, European Union, India and Africa are mentioneda few times.

#oilandgas

#renewableenergy

#future