Exxon CEO Warns Overemphasis On Renewables Will Backfire
By Alex Kimani of OilPrice.com
Exxon Mobil CEO Darren Woods has urged companies to stop focusing on certain energy sources, such as renewable energy, to save the climate, warning that it would be a “huge mistake to be picking winners and losers and focusing on specific technologies”.
Instead, “we need to look more broadly and let the markets figure out which solutions deliver the most emissions reductions at the lowest cost,” Woods told Nicolai Tangen, the CEO of Norway’s Wealth Fund,one of the largest mutual funds in the world, on his podcast.
An attempt to move away from oil and gas immediately, with unchanged global demand, could be disastrous for clean energy, Woods suggested, adding that if we produce less LNG, for example, something else–like coal–would have to step in to fill the demand gap.
According to Woods, Europe should follow the U.S. approach to climate policy, arguing that the continent risks driving companies away by regulating too hard. Woods told Bloomberg that one of the most important things the Americans (and ExxonMobil) are doing is developing technologies to capture and store carbon.
Back in April, Woods caused quite a stir when he touted the company’s burgeoning Low Carbon business, saying it has the potential to outperform its legacy oil and gas business and generate hundreds of billions in revenues. According to Woods, the business has the potential to generate tens of billions of dollars in revenue after the initial 10-year ramp-up.
“This business is going to look quite a bit different from the base business of Exxon Mobil. It is going to have a much more stable, or less cyclical, profile,” Dan Ammann, president of Exxon’s two-year-old Low Carbon Business Solutions unit, has vowed.
Exxon Mobil recently signed a long-term contract with industrial gas company Linde Plc. that involves offtake of carbon dioxide associated with Linde’s planned clean hydrogen project in Beaumont, Texas. Exxon will transport and permanently store as much as 2.2M metric tons/year of carbon dioxide each year from Linde’s plant.
In February, Linde unveiled plans to build a $1.8B complex which will include autothermal reforming with carbon capture and a large air separation plant to supply clean hydrogen and nitrogen.
- Governments Start Calling For Price Controls, Rationing & CBDCs Come Next September 22, 2023
- F-35 Stealth Fighter Only Mission Capable About Half The Time, Government Report Finds September 22, 2023
- Xi, Assad Launch China-Syria Strategic Partnership Based On Belt & Road Initiative September 22, 2023
- Pennsylvania Rolls Out Automatic Voter Registration September 22, 2023
- NY Man Arrested With $1.6 Million In Fentanyl Fails To Show For Court After Being Granted Non-Cash Bail September 22, 2023
- FBI Informant Created One Of Largest Nazi Groups In American History September 22, 2023
- Prosecutors: $480k Cash, Over $100k in Gold Bars Found at Menendez Home September 22, 2023
- ‘Deeply Disturbing’: New Jersey Gov. Phil Murphy Urges Sen. Robert Menendez to Resign September 22, 2023
- Author Of ‘Gender Queer’ Book Found In Schools Says “I Don’t Recommend This Book For Kids” September 22, 2023
- As Shutdown Looms, Questions Mount About Exactly How Much Leverage House GOP Holds September 22, 2023
- A Turning Point In America’s Struggle Against ‘Blobbery’ Has Been Crossed September 22, 2023
- Domestic US Banks See Big Deposit Outflows Last Week But Loan Volumes Picked Up September 22, 2023
- Government Shutdown Could Push Unemployment To 4%, Triggering Recession Start Signal September 22, 2023
- Watch: Rand Paul Blasts “Corrupt” Zelensky “Begging For More Money” September 22, 2023
- Russia Confirms Ukrainian Missile Strike On Black Sea Fleet HQ, Personnel Missing September 22, 2023
- Commercials Set To Invade Amazon Prime Video Unless You Pay New ‘Ad Free’ Fee September 22, 2023
- Chevron LNG Workers End Strike In Australia September 22, 2023
- Futures Rebound After Three Day Rout As Rates Ease From 2007 High September 22, 2023
- Mapping The Migration Of The World’s Millionaires In 2023 September 22, 2023
- Swiss Parliament Approves Burqa Ban, Imposes Steep Fine September 22, 2023
- ApexSMS - 23,246,481 breached accounts September 21, 2023In May 2019, news broke of a massive SMS spam operation known as "ApexSMS" which was discovered after a MongoDB instance of the same name was found exposed without a password. The incident leaked over 80M records with 23M unique email addresses alongside names, phone numbers and carriers, geographic locations (state and country), genders and […]
- dBforums - 363,468 breached accounts September 20, 2023In July 2016, a data breach of the now defunct database forum "dBforums" appeared for sale alongside several others hacked from the parent company, Penton. The breach of the vBulletin based forum contained 363k unique email addresses alongside usernames, IP addresses, dates of birth and salted MD5 password hashes.
- MalindoAir - 4,328,232 breached accounts September 14, 2023In early 2019, the Malaysian airline Malindo Air suffered a data breach that exposed tens of millions of customer records. Containing 4.3M unique email addresses, the breach also exposed extensive personal information including names, dates of birth, genders, physical addresses, phone numbers and passport details. The data was later extensively shared on popular hacking forums.
- Viva Air - 932,232 breached accounts September 11, 2023In March 2022, the now defunct Columbian airline Viva Air suffered a data breach and subsequent ransomware attack. Among a trove of other ransomed data, the incident exposed a log of 2.6M transactions with 932k unique email addresses, physical and IP addresses, names, phone numbers and partial credit card data (last 4 digits).
- Dymocks - 836,120 breached accounts September 8, 2023In September 2023, the Australian book retailer Dymocks announced a data breach. The data dated back to June 2023 and contained 1.2M records with 836k unique email addresses. The breach also exposed names, dates of birth, genders, phone numbers and physical addresses.
- Phished Data via CERT Poland - 67,943 breached accounts August 31, 2023In August 2023, CERT Poland observed a phishing campaign that collected credentials from 68k victims. The campaign collected email addresses and passwords via a phishing email masquerading as a purchase order confirmation. CERT Poland identified a further 202 other phishing campaigns operating on the same C2 server, which has now been dismantled.
- Pampling - 383,468 breached accounts August 31, 2023In January 2020, the online clothing retailer Pampling suffered a data breach that exposed 383k unique customer email addresses. The data was later shared on a popular hacking forum and also included names, usernames and unsalted MD5 password hashes.
- PlayCyberGames - 3,681,753 breached accounts August 31, 2023In August 2023, PlayCyberGames which "allows users to play any games with LAN function or games using IP address" suffered a data breach which exposed 3.7M customer records. The data included email addresses, usernames and MD5 password hashes with a constant value in the "salt" field. PlayCyberGames did not respond to multiple attempts to disclose […]
- SevenRooms - 1,205,385 breached accounts August 24, 2023In December 2022, over 400GB of data belonging to restaurant customer management platform SevenRooms was posted for sale to a popular hacking forum. The data included 1.2M unique email addresses alongside names and purchases. SevenRooms advised that the breach was due to unauthorised access of "a file transfer interface of a third-party vendor".
- Duolingo - 2,676,696 breached accounts August 23, 2023In August 2023, 2.6M records of data scraped from Duolingo were broadly distributed on a popular hacking forum. Obtained by enumerating a vulnerable API, the data had earlier appeared for sale in January 2023 and contained email addresses, names, the languages being learned, XP (experience points), and other data related to learning progress on Duolingo. […]