Exxon Mobil CEO Darren Woods said the ‘pendulum swing back and forth’ between administrations could destabilize global climate efforts and create uncertainty for businesses|Mike Mozart|CC BY 2.0
Exxon Mobil CEO Darren Woods cautioned that President-elect Donald Trump’s plan to pull the US from the Paris climate agreement could harm Big Oil instead of helping it. Exxon has supported the 2015 Paris Agreement since its inception.
Woods’s comment came during the COP29 climate conference in Azerbaijan.
Speaking to the Wall Street Journal, he said the “pendulum swing back and forth” between administrations could destabilize global climate efforts and create uncertainty for businesses.
During his first term, Trump withdrew America from the climate accord in 2017, making it the only country to exit. However, President Joe Biden rejoined the agreement in 2021. The President-elect has vowed to exit the Paris climate agreement again.
One of Trump’s campaign promises is to boost domestic fossil fuel production. His energy strategy could align more with smaller frackers and skeptics who view climate policies as harmful.
Meanwhile, oil giant Exxon plans to invest $20 billion in low-carbon technologies like carbon capture and hydrogen by 2027, aiming to maintain its strategy regardless of political shifts.