ExxonMobil Flags Coal Comeback as Threat to Net-Zero Goals

Core Insights - Exxon Mobil Corporation (XOM) warns that global net-zero targets are increasingly slipping beyond the 2050 horizon, with emissions projected to decrease only 25% by mid-century, significantly below the IPCC's recommended reduction of over two-thirds [1][4] Emissions and Energy Consumption Trends - The report highlights a rebound in coal consumption due to high energy costs and delays in renewable energy rollout, with global emissions in 2050 now projected to be nearly 4% higher than last year's forecast [2][4] - Increased coal usage is noted to supplement the variable output of wind and solar energy, alongside a slowdown in electric vehicle sales in the U.S. and Europe, which continues to support high oil demand [2][4] Oil and Natural Gas Projections - ExxonMobil expects oil demand to peak around 2030 but remain steady at over 100 million barrels per day through 2050 [3] - The company has raised its natural gas forecast, projecting a more than 20% increase in global consumption by mid-century due to rising power demand [3] - By 2050, oil and natural gas are expected to account for 55% of the world's energy mix, only slightly down from 2024 levels, while coal and bioenergy are anticipated to represent 14% and 10%, respectively [3] Challenges to Net Zero Goals - Economic challenges, consumer sensitivity to high costs, and ongoing reliance on fossil fuels, particularly coal, are identified as significant barriers to achieving net zero emissions [4] - The slowing adoption of renewable energy and the further delay of emissions targets underscore the urgent need for enhanced efforts in pursuing global climate goals [4]