As society continues to advance and address multiple important issues – such as alleviating poverty, expanding economic development, and providing billions of people with basic energy access and improved living standards – the demand for affordable and reliable energy across the global economy is expected to grow substantially.
Providing the energy the world needs, while limiting environmental impacts, including the risks of climate change, is an important dual challenge. Advances in technology will be instrumental in providing energy solutions designed to reduce greenhouse gas emissions at the lowest societal cost possible.
Since 2000, ExxonMobil has invested more than $10 billion to develop and deploy higher-efficiency and lower emissions energy solutions across our operations. These emissions reduction programs have eliminated or captured 400 million tonnes of CO2 which is equivalent to the energy-related CO2 emissions associated with about 55 million U.S. homes.
We also continue to encourage policy that addresses the risks of climate change at the lowest cost to society, through transparent, economy-wide pricing mechanisms that best incentivize and reward new technologies and innovations. We have long supported a uniform price of carbon applied consistently across the economy (such as a carbon tax) as an approach that is consistent with these policy principles.