Statement on agreement entering into force

Today marks the entering into force of the Paris climate agreement. The agreement is an important step forward by world governments in addressing the serious risks of climate change.

ExxonMobil supports the work of the Paris signatories, acknowledges the ambitious goals of this agreement and believes the company has a constructive role to play in developing solutions.

We have been working for many years to reduce emissions in our operations and provide products that help consumers reduce their emissions.

ExxonMobil continues to pursue technology solutions with leading scientists in industry, academia and nongovernmental institutions. We have invested nearly $7 billion since 2000 on lower-emissions initiatives such as energy efficiency, cogeneration, flare reduction, carbon capture and sequestration and research into next-generation biofuels.

The Paris agreement and the initial Intended Nationally Determined Contributions (INDCs) pledged by its signatories reflect the dual challenge of minimizing greenhouse gas emissions while ensuring the world has adequate access to affordable and reliable supplies of energy.

These INDCs also reflect understanding that all economic energy sources will be necessary to meet growing global demand, and that the evolution of the energy system toward lower atmospheric emissions will take time and commitment due to its enormous scale, capital intensity and complexity.

As policymakers develop mechanisms to meet the Paris goals, ExxonMobil encourages them to focus on reducing emissions at the lowest cost to society, keeping in mind that access to affordable and reliable energy is critical to economic growth and improved standards of living worldwide.

The best policy options to achieve that goal will be market-based, predictable, transparent and globally applicable to promote innovation and technology breakthroughs required to address climate change risks. ExxonMobil has for many years held the view that a revenue-neutral carbon tax is the best option to fulfill these key principles.