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Exxon Issues Energy Reality Check As UN Debates CO2 Emissions

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Joe Carroll, Bloomberg

The world’s largest oil company sees emissions in the developing world surging 50 percent, a forecast that suggests the diplomatic push to draft an accord to curb global warming stands to fall short.

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The assessment, in a report today from an Exxon Mobil Corp. team of economists, scientists and engineers, shows how far the world is from cutting pollution blamed for climate disruption. It comes as UN Secretary-General Ban Ki-Moon warned envoys today at United Nations talks in Lima that the “window of opportunity” to slow climate change is closing.

Even as the most advanced economies cut energy use by almost one tenth through 2040 and add hundreds of millions of fuel-efficient vehicles, booming growth in places like India, South Africa and Thailand will boost demand for fuels 36 percent, the Irving, Texas-based company said in its annual outlook. Emissions will surge as an expanding middle class in poorer nations demands electricity, schools and hospitals.

“It is simply not possible to obtain significant reductions in greenhouse gases without engaging the developing world,” Bill Colton, Exxon’s vice president of corporate strategic planning, said during a webcast today.

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