- Environmentalists and aid group are urging oil company executives attending a Vatican conference on climate change this weekend to heed Pope Francis’s warnings about global warming.
- Senior executives of companies including Exxon Mobil (NYSE:XOM), BP, Royal Dutch Shell (LON:RDSa) (RDS.A ,RDS.B), Eni (NYSE:E), Equinor (NYSE:EQNR) and Pemex reportedly will attend.
- XOM CEO Darren Woods is expected to make the case that the company has become “part of the solution” on climate issues after some of his predecessors adopted a more adversarial stance.
- Under its new management, XOM is sponsoring ads touting its research into fuels made from algae, pledging to cut its methane emissions 15% by 2020, calling for global action to address climate change, and is beginning to publicly promote a U.S. carbon tax.
- But XOM will have its work cut out: Woods last week noted the company's algae research program has the “potential” to produce 10K bbl/day of oil by 2025 - less than 0.5% of XOM’s global refining capacity.
- Now read: Exxon Mobil Is Compelling Here
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