ExxonMobil Reacts to UN Report, Restates Gas Centrality

US-based ExxonMobil restated the centrality of oil and gas to meet increasing global energy needs, releasing two reports a few days after the UN Intergovernmental Panel on Climate Change warned of rising climate-change risks. 

Despite the fact that the current standoff between Russia and the West is likely to relegate climate change lower in the political agendas, the second part in a four-part report by the UN body points at threats to everything, from the food supply to coral reefs. Political reactions are possible. 

“All of ExxonMobil’s current hydrocarbon reserves will be needed, along with substantial future industry investments, to address global energy needs,” William Colton, ExxonMobil’s vice president of corporate strategic planning, said in a note released on Monday evening. 

The company added that societies should increase energy efficiency and invest in technologies to reduce greenhouse gas emissions.

“The risk of climate change is clear and the risk warrants action. ExxonMobil is taking action by reducing greenhouse gas emissions in its operations, helping consumers reduce their emissions, supporting research that leads to technology breakthroughs and participating in constructive dialogue on policy options,” explained Colton.