Exxon sees global oil demand plunging by 2040 under climate regulations

Exxon Mobil Corp said on Friday that it expects global oil demand to drop sharply by 2040 if regulations aimed at limiting the impact of greenhouse gas emissions on climate are fully implemented….But Exxon stopped short of laying out how efforts to limit carbon emissions could impact its business, data long sought by some shareholders. In a separate report published on Friday that did not take into account climate legislation, Exxon forecast population growth will drive oil demand higher by about 20 percent by 2040….“That is the meat that we’re missing in the sandwich here,” said Tracey Rembert of Christian Brothers Investment Services, a co-sponsor of the climate-impact resolution.

Demand for power generated by solar panels, wind turbines and other renewable sources is expected to rise 4.5 percent annually through 2040 under this scenario, Exxon said.

Source: Exxon sees global oil demand plunging by 2040 under climate regulations

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