Rex W. Tillerson, Chairman and CEO of Exxon Mobile
(Photo:Business Wire)
Is oil giant Exxon Mobil preparing itself for the beginning of the end of oil? It indeed looks like it. In its 2008 Corporate Citizens Report released Friday the company promises to battle greenhouse gas emissions by increasing energy efficiency in the short term, advancing emission-reducing technologies in the medium term, and developing technologies such as solar, next generation biofuels and gasification for the long term.
“With the new U.S Congress and Administration, we have an opportunity to expand the dialogue about how America can best make an impact on this important global issue – reducing greenhouse gas emissions”, said Rex W. Tillerson, Chairman and CEO of Exxon Mobil.
Last week the House Energy- and Commerce Committee voted 33-25 to approve the American Clean Energy and Security Act which put down the framework for a cap-and-trade system in the US. But Mr. Tillerson is not convinced the Waxman-Markey bill really would cut emissions. Instead he thinks the system will introduce unnecessary cost and complexity as it requires the construction of a new market infrastructure for traders to trade emissions allowances.
“This new’ Wall Street’ of emission brokers will take the emphasis away from the goal of reducing carbon emissions and focusing on trading on price volatility instead”, Tillerson said and suggests another policy option – a carbon tax.
“A carbon tax can be easily implemented and is the most efficient means of reflecting the cost of carbon in all economic decisions – from investments made by companies to meet their fuel needs to product choices made by consumers”.
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Comments
Hope your fact checking is better than the company name spelling. It is Exxon Mobil, no e at the end
Maybe I'll stop boycotting Exxon. I boycotted them after the Valdez disaster and their poor handling of the clean-up. Every member of my family has done the same.
I think it is great for Exxon-Mobil to adjust the way they do business to compete in the future economy. Some businesses (which shall remain nameless) should use that as an example instead of holding out their hand to the government.
Full Disclosure Alert-My family is a stockholder in Exxon and most of you are if you're invested in Mutual Funds..I want to them to make as MUCH money as possible, since I own a piece of the company!
Boycott Exxon? Do you drive a car in the US?
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