Climate Change and Big Oil's Battle for the Future at COP29

Sunday, 1 September 2024, 08:30

Climate change is at the forefront as Big Oil gears up for COP29 in Baku. ExxonMobil, OPEC, and the IEA clash on carbon storage strategies and the urgency of decarbonisation. With global net zero targets at stake, the outcome could redefine the industry's future.
South China Morning Post
Climate Change and Big Oil's Battle for the Future at COP29

The Tension Between Climate Change and Big Oil

As COP29 looms, exxonmobil and big oil are locked in a contentious debate over decarbonisation and the role of fossil fuels in a carbon-constrained world.

Key Players in the Climate Debate

  • OPEC emphasizes the essentiality of oil for global prosperity.
  • The IEA advocates for sharp cuts in fossil fuel production.
  • Investment in renewable energy surpassed that in fossil fuels last year.

Carbon Storage and Future Prospects

As discussions heat up, the Paris Agreement targets and the necessity for effective carbon capture come into focus. Reports indicate that only a fraction of required projects are currently operational, leading to doubts about the oil industry's reliance on this technology.

Implications for the Future

With conflicting views on the necessity of fossil fuels and the effectiveness of carbon solutions, the upcoming UN climate conference is poised for heated debates that could determine the direction of global energy policies.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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