Exxon sees oil demand down 20 per cent in 2040

If local weather change curbs stay as much as their promise, oil demand might fall 20 per cent by 2040, Exxon Mobil says in one forward-looking report. But a extra possible state of affairs is it is going to develop by 20 per cent, the corporate says in separate outlook.

The stories have been each launched on Friday. Which one to consider?

Is oil a sunset industry in the age of climate change? Depends which forecast you believe.

Is oil a sundown business in the age of local weather change? Depends which forecast you consider.

Photo: Warren Hackshall

The first comes in response to a shareholder vote final yr that demanded Exxon publish the dangers it faces if the world hits its carbon-emissions aim to restrict international warming to 2 levels Celsius above pre-industrial ranges.

The second is what the Texas-based explorer makes use of “to help guide multibillion-dollar investment decisions,” based on its preamble.

In each situations, the research authors say the world will nonetheless want trillions of dollars of funding in fossil fuels to satisfy its power wants over the subsequent 20 years.

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