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ExxonMobil said in a forward-looking report that oil demand could fall by 20 percent
by 2040 if climate change is curbed in line with commitments.
Two reports with two forecasts: oil demand could increase or fall by 20% by 2040
In a separate outlook, however, ExxonMobil said it was more likely that oil demand would grow by 20 percent
.
The reports were released on 2 February
.
Which one is more credible?
The forward-looking report is in response to last year's shareholder vote requiring companies to disclose the risks they face if the world meets carbon emissions targets to limit global warming to 2°C
above pre-industrial levels.
According to the preamble, the Independent Outlook Report is used by Texas explorers to help guide billions of dollars in investment decisions
.
In both cases, the authors say, trillions of dollars of fossil fuel investment are still needed worldwide to meet energy demand
over the next 20 years.
To be expected, the business outlook is tougher
.
The survey results show that oil and gas will still be able to meet 55% of global energy demand by 2040, with oil being the largest contributor.
The share of coal is expected to fall from 40% in 2016 to less than 30%
by 2040.
Electric and hybrid vehicles will account for 40% of light-duty vehicle sales by 2040, up from just 3%
in 2016.
Forward-looking reports suggest that oil demand will fall to 78 million b/d by 2040, assuming that global temperatures will not rise by more than 2°C above pre-industrial levels by 2100
.
However, both reports show a strong rise
in natural gas demand.
ExxonMobil CEO Darren Woods said in the report that the company needs to meet society's growing demand
for energy while addressing the risks of climate change.
Kathy Mulvey, campaign manager at the Union of Concerned Scientists, said in an email: "ExxonMobil's own analysis believes that the world will continue to use oil and gas to drive profits and gradually move towards the goal
of limiting global temperature rise to 2°C.
”
, please indicate the source of reprinting
.
ExxonMobil said in a forward-looking report that oil demand could fall by 20 percent
by 2040 if climate change is curbed in line with commitments.
Two reports with two forecasts: oil demand could increase or fall by 20% by 2040
Two reports with two forecasts: oil demand could increase or fall by 20% by 2040In a separate outlook, however, ExxonMobil said it was more likely that oil demand would grow by 20 percent
.
The reports were released on 2 February
.
Which one is more credible?
The forward-looking report is in response to last year's shareholder vote requiring companies to disclose the risks they face if the world meets carbon emissions targets to limit global warming to 2°C
above pre-industrial levels.
According to the preamble, the Independent Outlook Report is used by Texas explorers to help guide billions of dollars in investment decisions
.
In both cases, the authors say, trillions of dollars of fossil fuel investment are still needed worldwide to meet energy demand
over the next 20 years.
To be expected, the business outlook is tougher
.
The survey results show that oil and gas will still be able to meet 55% of global energy demand by 2040, with oil being the largest contributor.
The share of coal is expected to fall from 40% in 2016 to less than 30%
by 2040.
Electric and hybrid vehicles will account for 40% of light-duty vehicle sales by 2040, up from just 3%
in 2016.
Forward-looking reports suggest that oil demand will fall to 78 million b/d by 2040, assuming that global temperatures will not rise by more than 2°C above pre-industrial levels by 2100
.
However, both reports show a strong rise
in natural gas demand.
ExxonMobil CEO Darren Woods said in the report that the company needs to meet society's growing demand
for energy while addressing the risks of climate change.
Kathy Mulvey, campaign manager at the Union of Concerned Scientists, said in an email: "ExxonMobil's own analysis believes that the world will continue to use oil and gas to drive profits and gradually move towards the goal
of limiting global temperature rise to 2°C.
”
, please indicate the source of reprinting
.
