World News
Exxon Sees Global Net Zero Emissions by 2050 as 'Highly Unlikely'
US-based energy producer ExxonMobil has downplayed the possibility of the world reducing GHG emissions to net zero by 2050.
Exxon set out its views on a net zero 2050 target in an SEC filing last week, responding to a proposal from shareholders. The comments refer to a scenario assessed by the International Energy Agency on the changes needed to meet net zero emissions by 2050.
"The IEA NZE does not, by the scenario authors' own assessment, meet the level of likelihood required to be considered in our financial statements," the company said in the filing.
"Likewise, it is highly unlikely that society would accept the degradation in global standard of living required to permanently achieve a scenario like the IEA NZE."
The shipping industry's own emissions targets are under discussion at the IMO this summer, with the next MEPC meeting set to review GHG strategy. The current target envisages a cut of 50% in shipping's total GHG emissions from 2008's levels by 2050, and several member states have called for that goal to be toughened to a net-zero target.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 655.50 | 2.00 | 808.50 | 4.50 |
| Rotterdam | 619.00 | 0.00 | 789.00 | 8.00 |
| Houston | 628.50 | 7.50 | 812.50 | 1.50 |
| Fujairah | 653.50 | 4.50 | 900.00 | 2.50 |
| Global 20 Ports Average | 672.00 | 0.50 | 885.00 | 7.00 |
| Global 4 Ports Average | 639.00 | 2.50 | 827.50 | 2.00 |
| Global Average Bunker Price | 727.50 | 1.50 | 933.50 | 5.00 |
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