Press absolution by ExxonMobil
IRVING, Texas–(BUSINESS WIRE)–ExxonMobil today appear its Activity & Carbon Summary: Positioning for a Lower-Carbon Abutting and its Outlook for Energy: A View to 2040. The letters highlight ExxonMobil’s assay of 2 amount Celsius (2oC) scenarios and accommodate acuteness analyses on electric agent assimilation and renewables deployment. They are in acknowledgment to a 2017 actor resolution gluttonous added altitude disclosures about the impacts of technology advances and all-around altitude change behavior on the company.
The Activity & Carbon Summary and a new appropriate area in the anniversary Outlook for Activity accommodate application of the appulse on abutting activity appeal from an assay of assorted lower-carbon scenarios appear by the Stanford University Activity Modeling Forum. The forum’s scenarios are about accessible and are acclimated for analytic purposes, including by the UN’s Intergovernmental Panel on Altitude Change.
The all-around scenarios adjourned by ExxonMobil, which accommodate a abounding ambit of activity technologies, contemplate attached all-around greenhouse gas (GHG) emissions to accept a acceptable adventitious of captivation atmospheric concentrations to the agnate of 450 genitalia per actor CO2 in 2100; these scenarios are about advised to be constant with pathways that would absolute all-around boilerplate temperature acceleration in 2100 to 2oC aloft pre-industrial levels.
The company’s assay of these 2oC scenarios advised the beggarly of the anniversary boilerplate appeal advance ante of the assorted archetypal outputs amid 2010 and 2040 for assorted sources of energy. This assay of these 2oC scenarios indicates: absolute activity appeal increases about 0.5 percent per year; oil appeal decreases about 0.4 percent per year; accustomed gas appeal increases about 0.9 percent per year; atramentous appeal decreases about 2.4 percent per year; and renewables appeal increases about 4.5 percent per year.
All activity sources abide important beyond the adjourned 2oC scenarios to 2040. As a aftereffect of advancing appeal accompanying with accustomed hydrocarbon acreage decline, trillions of dollars of added advance in oil and gas assembly will be required, including to accommodated a 2oC pathway. Based on the boilerplate advance ante of adjourned 2oC scenarios, accustomed gas appeal is estimated to access to 445 billion cubic anxiety per day by 2040; oil appeal is estimated to abatement to 78 actor barrels per day by 2040.
“Our job is to accumulation the activity the apple needs in an environmentally amenable way,” said Darren W. Woods, administrator and arch controlling of Exxon Mobil Corporation (NYSE:XOM). “It’s a bifold claiming – we charge to accommodated society’s growing charge for activity while acclamation the risks of altitude change. We are committed to actuality allotment of the band-aid by advance in new technologies that can accommodate bread-and-butter solutions on a globally scalable basis. “
Many experts accede that advancements will be bare to ability and advance a 2oC alleyway through 2100. ExxonMobil has invested billions of dollars in assay and development, including assorted university and business partnerships about the globe, aimed at accomplishing the abstruse breakthroughs required.
“Since 2000, our investments to advance lower-emission activity solutions accept totaled about $8 billion,” Woods said. “We are deploying technologies such as cogeneration and carbon abduction and storage, while researching next-generation solutions such as algae biofuels and avant-garde carbon abduction application ammunition cells. Continued assay will be critical.”
With growing all-around populations and economies, key levers to abode the risks of altitude change accommodate added activity ability improvements and abbreviation the GHG acuteness of the world’s activity system. “For our part, we abide to booty activity to abate our emissions and advice consumers abate their GHG impact,” Woods said.
ExxonMobil’s Outlook for Energy: A View to 2040 describes a rapidly growing all-around citizenry and acceleration in active standards in developing countries that will drive a advance in common activity appeal of about 25 percent from 2016 to 2040. At the aforementioned time, activity ability assets and bit-by-bit reductions in the GHG acuteness of the activity system, will advice to abstinent activity use and abate by about 45 percent the carbon acuteness of the all-around economy, according to the report.
Emerging economies in countries that are not allotment of the Organisation for Bread-and-butter Co-operation and Development (OECD) will annual for about all activity appeal growth, led by an accretion Asia-Pacific region.
As affluence rises, electrification continues as a cogent all-around trend. Activity appeal for ability bearing accounts for about 50 percent of all-around appeal growth, with abundant of that advancing from non-OECD countries.
“Natural gas use is acceptable to access added than any added activity source, about 40 percent, with about bisected its advance for electricity generation,” said T.J. Wojnar, carnality admiral for Corporate Strategic Planning. “The affluence and versatility of accustomed gas, in accession to its cogent air affection benefits, accomplish it a admired activity antecedent to accommodated a advanced array of needs, while additionally allowance the apple to about-face to a beneath carbon-intensive antecedent of energy.”
Among the best rapidly accretion activity food will be electricity from solar and wind, calm growing about 400 percent.
While activity appeal will grow, all-around carbon dioxide emissions are acceptable to aiguille by 2040, at about 10 percent aloft 2016 levels, as activity sources about-face against lower-emission fuels such as accustomed gas, renewables, and nuclear.
The Outlook predicts a acceleration in electric cartage as able-bodied as ability improvements in accepted engines. This will acceptable advance to a aiguille in aqueous fuels use by the world’s light-duty agent agile by 2030. However, oil will abide to comedy a arch role in the world’s activity mix.
“Our all-embracing assay shows that alike if every light-duty agent in the apple was absolutely electric by 2040, the appeal for liquids could still be agnate to levels apparent in 2013,” said Wojnar. “This is because of growing appeal from bartering busline and the actinic sector.”
The Outlook for Activity is ExxonMobil’s all-embracing anticipation developed through data-driven analysis, absorption ample ability of activity markets and the ability of economists, engineers, and scientists. It examines activity accumulation and appeal trends for about 100 regional/country areas, 15 appeal sectors and 20 altered activity types. ExxonMobil uses the anticipation as a foundation for its business strategies and to advice adviser multi-billion dollar advance decisions.
Key allegation from this year’s Outlook:
For added advice on the Activity & Carbon Summary and Outlook for Energy, appointment www.exxonmobil.com/energyoutlook.
ExxonMobil, the better about traded all-embracing activity company, uses technology and addition to advice accommodated the world’s growing activity needs. ExxonMobil holds an industry-leading account of resources, is one of the better refiners and marketers of petroleum products, and its actinic aggregation is one of the better in the world. For added information, appointment www.exxonmobil.com or chase us on Cheep www.twitter.com/exxonmobil.
Cautionary Statement: Statements in the Outlook for Activity and this absolution apropos to abutting contest or altitude are advanced statements. Actual abutting all-around or bounded altitude (including bread-and-butter altitude and growth, citizenry growth, activity appeal advance and mix, activity accumulation sources, ability gains, the appulse of technology, and carbon emissions) could alter materially due to changes in accumulation and appeal and bazaar altitude affecting oil, gas, and added activity prices; changes in law or government adjustment and added political events; changes in technology; the accident and continuance of bread-and-butter recessions; the accomplishments of competitors; the development of new accumulation sources; demographic changes; and changes in added assumptions or factors discussed in the Outlook for Activity and beneath the branch “Factors Affecting Abutting Results” on the Investors folio of our website at www.exxonmobil.com. See additionally Item 1A of ExxonMobil’s latest Form 10-K.
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