Exxon CEO urges Trump team to avoid radical climate policy shifts

Exxon CEO Darren Woods advised the incoming Trump administration to maintain stable climate policies and cautioned against carbon border tariffs, which he described as ineffective and burdensome.

Zack Colman reports for POLITICO.

In short:

• Darren Woods, Exxon CEO, discouraged the incoming administration from drastic reversals in climate policy, which he says could complicate long-term emission goals.
• Woods criticized carbon border tariffs, favoring carbon intensity regulations over tariffs that he argues would add unnecessary bureaucracy.
• Although supportive of carbon capture technology incentives under the Inflation Reduction Act, Woods highlighted the need for consistent policy for economic stability.

Key quote:

“I think carbon border adjustment is going to introduce a whole new level of complexity and bureaucratic red tape.”

— Darren Woods, CEO of ExxonMobil

Why this matters:

Policy swings in climate regulations create uncertainty for both the energy industry and environmental advocates. Exxon’s stance could temper aggressive climate policy changes, emphasizing gradual and economically mindful climate action while maintaining the country’s fossil fuel production.

Related:

• Exxon CEO shifts emission accountability to consumers
• Oil companies pushed ineffective carbon capture while reaping tax benefits
• Big oil companies report soaring profits and increased production