Exxon CEO Darren Woods not too long ago expressed his doubts in regards to the transportation sector’s transition to electrical automobiles. In feedback through the 2019 Oil and Fuel Local weather Initiative meet, the CEO prolonged a fairly blunt dismissal of EVs, suggesting that the zero-emissions automobiles will serve little objective in the event that they remained charged by a coal-powered grid.
Woods’ feedback had been delivered to gentle by Reuters power markets correspondent Devika Krishna Kumar, who quoted the CEO’s assertion in a Twitter submit. Advisory board member on the Smithsonian Environmental Analysis Heart Christine Arena additionally shared the tidbit from the Exxon CEO. “What’s the purpose of getting electrical automobiles that can find yourself being charged by energy generated from coal,” Woods mentioned.
Woods’ statements are misinformed at finest, significantly as information from a examine performed by Bloomberg NEF revealed that electrical automobiles are cleaner than petrol automobiles even when they’re charged by a grid that’s absolutely powered by coal. Electrical automobiles are certain to get even cleaner as properly, particularly with the adoption of cleaner power options for the grid, akin to solar energy, wind, and battery storage.
In the USA alone, information from the US Energy Information Administration reveal that lower than a 3rd of the electrical energy generated within the nation was powered by coal in 2018. This quantity will possible lower within the close to future as properly, with clear power initiatives akin to residential photo voltaic and battery methods gaining popularity.
Improvements in clear power are additionally shortly proving that coal may not be wanted anymore within the close to future. This could possibly be seen in Exxon’s personal decline over time. Earlier this month, Texas-based oil large, which has lengthy been part of the S&P 500’s high corporations, was kicked off the Top 10 list. That was the primary time such a factor occurred because the index was conceived 90 years in the past, and it was a whole about-face from the corporate’s standing in 2009, when it was No.1 within the S&P 500.
Taking Exxon’s place was Visa Inc., with a number of spots within the S&P 500’s High 10 checklist being taken over by tech corporations akin to Microsoft, Alphabet, and Apple, corporations which are taking local weather change significantly. Along with corporations akin to Tesla, whose mission is to accelerate the world’s transition to sustainable energy, the stance of Exxon’s CEO may very properly show to archaic ahead of he expects.