Exxon Crushes Progressive Dreams That “Net Zero” Has Any Chance By 2050
It Would Mean Collapse In “Global Standard Of Living”
In a world of suffocating snowflakery, ESG hypocrisy and, well… Tranheuser Busch, a corporation telling the truth without fear of reprisals from the Open Society-funded virtue signaling cabal is rarer than an mRNA-injected, genetically engineered hen’s teeth. And yet that’s what the company hated by every progressive, Exxon Mobil, did this week when it became the first corporation to denounce the insidious and laughable claims that “net zero” is even a remote possibility by 2050.
The US supermajor pushed back against investors pressing the company to report on the risks to its business from restrictions on greenhouse gas emissions and potential environmental disasters when in a reply to proxy advisor Glass Lewis, Exxon said the prospect of the world achieving net-zero carbon dioxide emissions by 2050 is remote and should not be further evaluated in its financial statements.
A shareholder proposal seeking a report on the cost of having to abandon projects faces a shareholder vote on May 31. Glass Lewis backed the initiative, concluding Exxon could face material financial risks from the net-zero scenario.
Exxon disagreed, and said the world is not on a path to achieve net-zero emissions in 2050 as limiting energy production to levels below consumption demand would lead to a spike in energy prices, as observed in Europe following oil sanctions against Russia over Ukraine.
Exxon, is of course, correct however that won’t stop the green fanatics from beating the drum that somehow the world can transition to “green” energy (at a cost of some $150 trillion mind you) in the next 27 years without an energy cataclysm.
At the heart of the issue is the 2050 net-zero emissions (NZE) scenario of the International Energy Agency (IEA) which envisions a path to limit the global temperature rise to 1.5 degrees Celsius. For the NZE scenario to be met, the IEA had hilariously said new oil exploration would have to have stopped in 2021 and nations would have to switch to renewable energy from fossil fuels (good luck with that). Exxon is among the companies heavily investing in new exploration to generate oil and gas for decades to come, and in retrospect, one can thank their deity of choice for Exxon’s decision to do so as opposed to sending the world back into the dark ages, an outcome which so many from the World Economic Forum seems to aspire to.
“It is clear that the IEA NZE does not, by the scenario authors’ own assessment, meet the level of likelihood required to be considered in our financial statements,” Exxon said in a response filed with the U.S. Securities and Exchange Commission on Wednesday.
“It is highly unlikely that society would accept the degradation in global standard of living required to permanently achieve a scenario like the IEA NZE,” Exxon said in dismissing the proposal.
Exxon also rebutted the woke proxy firm’s recommendation that it evaluate the impacts of a worst-case oil spill at its offshore Guyanese oil platforms. Exxon leads a consortium responsible for all of Guyana’s offshore oil production and its board has recommended against the proposal.
“The requested report clearly would not provide new, decision-useful information,” Exxon said, adding the shareholder request “ignore(s) the time, additional cost, and resources every report takes for the company to prepare.”
As for the IEA, instead of targeting those companies – which despite every effort by the senile US president to drain the US SPR and make the country once again dependent on outside energy sources – are doing everything in their power to retain US energy independence, perhaps it should bring its message to downtown Beijing. We are confident that China will listen to their pimply teenager-inspired “proposals” in a cool, calm and collected manner.
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(TLB) published this article from ZeroHedge as compiled and written by Tyler Durden
Header featured image (edited) credit: Gretta/NBC News screen shot
Emphasis added by (TLB) editors
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That stuff is plant food, no joke! What’s pumped into glasshouses so that plants flourish and produce more of whatever it is they’re supposed to produce more quickly
Exxon, in it’s “honesty”, certainly doesn’t even attempt to be honest enough to admit that CO2 is NOT a problem – it’s literally plant food! It’s what’s pumped into greenhouses in order to make plants grow faster, more lush, and produce more of whatever it is they produce… So, how is it that our “leaders” claim it’s a “pollutant”??? And, Exxon is certainly not honest enough to tell us all outright that THEY KNOW THAT… and THEY’VE KNOWN THAT ALL ALONG. But, that’s exactly why they’re NOT telling us that – because THEY’RE ALL IN FOR THE CARBON CREDIT MONEY-LAUNDERING, MONEY-MAKING SCHEME… See the 2-part documentary “How and Why Big Oil Conquered the World” on the (James) Corbett Report’s website.