Exxon Warns of Global Warming Exceeding 2°C Limit by 2050

Exxon Mobil projects that oil and natural gas will still account for 54% of the world's energy needs in 2050, resulting in the world failing to meet the 2°C global warming cap. The company predicts that global CO2 emissions will reach 25 billion metric tons in 2050, more than double the amount recommended by the United Nations Intergovernmental Panel on Climate Change. Exxon acknowledges that an energy transition is underway but states that it is not happening at the necessary scale or pace to achieve society's net-zero ambitions. The company plans to invest $17 billion in lower carbon emissions technologies, such as carbon capture and sequestration and hydrogen, but has not embraced consolidated renewable sources like wind and solar power.