Exxon Mobil CEO Darren Woods urged President-elect Donald Trump to maintain U.S. involvement in global climate change efforts and the Paris climate agreement. Woods emphasized the importance of a 'common sense' approach to international climate policy.
Woods stated that ExxonMobil's planned investments of $20 billion through 2027 in carbon capture and storage, hydrogen fuel, and lithium mining are contingent on federal tax credits established or expanded under the Inflation Reduction Act. He warned that these investment plans would change if such incentives are weakened or repealed.
This highlights the critical role of government policy and financial incentives in driving ExxonMobil's Low Carbon Solutions segment. The company's commitment to these emerging businesses is directly tied to a supportive regulatory and fiscal environment.
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