Fossil fuels aren’t going anywhere, regardless of climate change, ExxonMobil said in a report to its shareholders.
All energy sources, especially oil and gas, are needed to meet future global demands, Exxon said.
{mosads}“Our analysis and those of independent agencies confirms our long-standing view that all viable energy sources will be essential to meet increasing demand growth that accompanies expanding economies and rising living standards,” said William Colton, Exxon’s vice president of corporate strategic planning, in a statement.
Exxon said in its report that fossil fuels are far too important for global economic development, quelling shareholder concerns.
Governments are “highly unlikely” to adopt politics that drastically cut emissions because that would hinder economic growth, the report said, according to The Associated Press.
Still, the oil giant isn’t ignoring climate change entirely.
“It is equally essential that society manages the risk of climate change by increasing energy efficiency and by investing in research into technologies to reduce greenhouse gas emissions,” Colton said.
The report to shareholders, released Monday evening, also outlines the company’s plans for policies limiting greenhouse gas emissions and its efforts to reduce emissions.