US EditionExxonMobil warns EU law could force exit from Europe
ExxonMobil warns EU directive could force its exit by imposing fines of 5% of global revenue and requiring unfeasible climate transition plans, threatening energy supply reliability.
- On Monday, ExxonMobil Chief Executive Officer Darren Woods said the company could be forced to quit its business in Europe if the European Union does not materially ease its sustainability regulations.
- The Corporate Sustainability Due Diligence Directive requires companies doing business in the EU to identify and address human-rights and environmental risks across supply chains, increasing investor visibility and accountability even beyond Europe.
- ExxonMobil, with a market capitalization of $482.26 billion, held 19.9 billion barrels of oil equivalent in reserves and operated 4.3 million barrels per day of refining capacity.
- Under pressure, the European Parliament last month agreed to review the regulation as QatarEnergy and U.S. officials urged reconsideration, with ExxonMobil warning of disastrous consequences if adopted.
- The directive sits within the European Union's net-zero by 2050 goal, and ExxonMobil executives warn its Paris-aligned climate plan demands are technically unfeasible.
14 Articles
14 Articles
Exclusive: ExxonMobil warns EU law could force exit from Europe
U.S. energy giant ExxonMobil will not be able to continue doing business in the European Union if the bloc does not significantly loosen a sustainability law that could impose fines of 5% of global revenue, Chief Executive Darren Woods said on Monday.
Times of India
The Economic TimesExxonMobil warns EU law could force exit from Europe
Energy giants are pushing back against new European Union rules. Companies like ExxonMobil and Qatar warn the legislation is too demanding and could force them out of Europe. They argue the rules are technically unfeasible and threaten reliable energy supplies. Discussions are ongoing, but significant changes remain uncertain as the EU aims for year-end approval.
IRVING. Group CEO Woods criticised the need for legislation by large companies such as ExxonMobil to implement climate protection plans that are consistent with the Paris Agreement.
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