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“Exxon’s Plan for Surging Carbon Emissions Revealed in Leaked Documents”

“Internal projections from one of world’s largest oil producers show an increase in its enormous contribution to global warming”

“Exxon Mobil Corp. had plans to increase annual carbon-dioxide emissions by as much as the output of the entire nation of Greece, an analysis of internal documents reviewed by Bloomberg shows, setting one of the largest corporate emitters against international efforts to slow the pace of warming.

The drive to expand both fossil-fuel production and planet-warming pollution has come at a time when some of Exxon’s rivals, such as BP Plc and Royal Dutch Shell Plc, are moving to curb oil and zero-out emissions. Exxon’s own assessment of its $210 billion investment strategy shows yearly emissions rising 17% by 2025, according to internal projections.

The emissions estimates predate the Covid-19 pandemic, which has slashed global demand for oil and thrown the company’s finances into distress, making it unclear if Exxon will complete its plans for growth. The internal figures reflect only some of the measures Exxon would take to reduce emissions, the company said. The largest U.S. oil producer has never made a commitment to lower oil and gas output or set a date by which it will become carbon neutral. Exxon has also never publicly disclosed its forecasts for its own emissions.”

Kevin Crowley and Akshat Rathi report for Bloomberg October 5, 2020.