ExxonMobil joins Oil and Gas Climate Initiative

ExxonMobil has joined the Oil and Gas Climate Initiative (OGCI), in a sign that the oil major is beginning to scrutinise the role it is playing in global warming.

The US-incorporated company declined to join the oil and gas industry’s flagship climate change project when it was established four years ago, but will join fellow majors such as BP, Royal Dutch Shell and Total on the council.

ExxonMobil will expand its investment in research and development for long-term solutions to reduce greenhouse gas emissions, as well as pursue lower-emission technologies.

“It will take the collective efforts of many in the energy industry and society to develop scalable, affordable solutions that will be needed to address the risks of climate change,” said chairman and chief executive officer Darren Woods.

Under the leadership of Woods and his predecessor Rex Tillerson, ExxonMobil’s stance on global warming has slowly shifted, after the company promoted climate change denial for years despite knowing about the risks since 1981.

However, ExxonMobil’s annual contribution to the OGCI works out at just US$10 million a year over a decade, which represents just 0.04% of its planned capital expenditure of $25 billion in 2018.”