© Reuters. FILE PHOTO: Darren Woods, CEO of ExxonMobil, reacts at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S., November 15, 2023. REUTERS/Carlos Barria/File Photo
DUBAI (Reuters) – Exxon Mobil (NYSE:) CEO Darren Woods on Saturday rejected the International Energy Agency’s recent claim that using wide-scale carbon capture to fight climate change was an implausible “illusion”, saying the same could be said about electric vehicles and solar energy.
“There is no solution set out there today that is at the scale to solve the problem,” Woods told Reuters on the sidelines of the COP28 climate summit in Dubai.
“So, you could say that about carbon capture today, you could say that about electric vehicles, about wind, about solar. I think that criticism is legitimate for anything that we’re trying to do, to start with,” he said.
While few commercially viable carbon-capture projects exist due to high costs, EVs now make up about 13% of the global new vehicle market, and solar and wind deployments have been expanding rapidly.
Woods’ appearance marked the first time a CEO of fossil fuel giant Exxon has attended one of the annual…
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