Today, the Paris Agreement enters legal effect for the 97 countries who ratified the climate accord as of November 3. Now, these countries, who together account for nearly 70 percent of global carbon emissions, must make their pledges a reality.
At the same time, the pressure is on for the world’s largest fossil fuel companies to rationalize their existence in a future where carbon emissions must plunge by 80 percent before 2050. ExxonMobil’s energy outlook, for example, predicts that demand for oil will only increase over the next several decades. Oil, coal, and natural gas, the company says, will power 80 percent of the world’s energy needs through 2040. As a result of this incompatibility, it’s necessary to ask: Can the climate pact and oil producers co-exist? [...]
In the past, companies like ExxonMobil have vociferously challenged the warnings of climate scientists about the dangerous effects of carbon emissions. An InsideClimate investigation revealed the company was aware of global warming as early as 1970s, when it conducted its own cutting-edge research on the subject. Since then, fossil fuel giants have systematically fought to discredit scientific research, and advance their interests through lobbying and political funding. Numerous probes launched by US attorneys general are now attempting to uncover whether ExxonMobil, in particular, intentionally deceived the public about climate change.
The Paris Agreement has set into motion events that should have fossil fuel companies questioning their long-term viability. But even with unprecedented changes to our global energy mix, some experts believe that’s not enough.
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