67 Top executives from Exxon Mobil and Chevron emphasized the need for clear rules on energy subsidies to drive rapid, large-scale investments required to combat climate change. They highlighted the challenges in transitioning to low-carbon technologies, including the uncertainty around regulations and incentives. Exxon CEO Darren Woods expressed the importance of understanding the implications of investments and ensuring competitiveness in their portfolio amid evolving regulations. He noted that despite the incentives provided by the Inflation Reduction Act (IRA) for technologies like carbon capture and green hydrogen, there is still uncertainty surrounding their implementation. Chevron CEO Mike Wirth echoed similar sentiments, stating that the world is not on track to decarbonize by 2050. He highlighted challenges in meeting rising energy demand in developing countries and criticized the restrictive nature of U.S. rules for hydrogen subsidies, which deter investment. Both executives advocated for global, market-based systems such as a price on carbon to incentivize the advancement and deployment of climate-friendly energy technologies. They emphasized the importance of creating an environment conducive to investment and innovation in sustainable energy solutions. Additionally, Woods mentioned that Exxon’s acquisition of Pioneer will lead to increased oil production at a lower cost, which he believes is beneficial for the economy. This statement underscores the ongoing tension between fossil fuel production and efforts to transition to renewable energy sources. You Might Be Interested In Policy Rate Raised by 25 Basis Points, Private Credit Growth Target Reduced to 10% Tanium and ServiceNow Collaborate to Empower Customers with Cost-Effective Solutions Hedge Fund Linked to Defrauded Anti-Cyber-Fraud Bankruptcy Raises Concerns Over Shared Characteristics South Korea, having sworn to lead the green transition, is holding it up US Regulator Proposes Tighter Scrutiny for Bank Mergers Over $100 Billion Rogers and Shaw’s $14 billion merger gets the green light from Canada’s competition tribunal