C-MACC Weekly Sustainability and Energy Transition Report
The ExxonMobil 2050 View Exposes Flaws in The Renewable Plan
- ExxonMobil’s view of energy supply in 2050 should be taken seriously by all because its hydrocarbon forecast is driven by shortfalls elsewhere – we agree.
- We are proponents of the idea that 2040-2050 forecasts underestimate electric power demand & overestimate renewable-based supply, requiring more oil & gas.
- ExxonMobil’s view will only be extreme if more is done to push other sources of power: nuclear, hydro, and geothermal. The struggles with wind should be a sign.
- Otherwise, we look at decarbonizing metals, one of several environmental challenges the industry must address to attract needed capital.
- Given how critical it becomes in the Exxon scenario, we provide views on carbon capture and look at US capital costs pushing investments offshore.
See PDF below for all charts, tables and diagrams