As ExxonMobil pursues litigation against activist shareholders who seek to push the biggest of all Big Oil behemoths to tougher environmental standards, CEO Darren Woods knows who to blame for the worsening climate crisis. It's not his company or its major competitors.
In a recent interview with Fortune, Woods argued that the oil industry is not primarily to blame for climate. The world “waited too long” to develop green technologies, Woods said, while defending Exxon's reluctance to invest in wind and solar power to the extent many European energy companies have. He described that as “a hollow argument," adding that Exxon could not "bring any real capabilities to that space" and did not "see the ability to generate better-than-average returns for our investors.” Speaking about the goal to reach "net zero" in greenhouse gas emissions, Woods suggested that it might prove too expensive for consumers, arguing that "people who are generating the emissions need to be aware … and pay the price."
