In this documentary special from CNBC, David Faber explores whether ExxonMobil is serious about taking on global warming and how its actions match up with its words.
"I'm talking to shareholders this week [May 2022]," said Ubben, founder of Inclusive Capital Partners and one of the board members installed after pressure from D.E. Shaw."You just don't get the mandate."
One of those technologies, and one of the most controversial, is hydraulic fracturing, or"fracking." The technique has fueled a resurgence in the area's energy productivity, helping turn it into the world's most productive oil field and making the U.S. the world's top producer of oil and gas, surpassing Saudi Arabia and Russia.
Another effort is underway at the company's Cowboy plant -- a sprawling complex that wrangles and separates oil and natural gas from roughly 400 wells. The company says when a new well starts producing, the gas – along with the oil — can be sent to Cowboy to be processed and sold. Without that process to capture and sell the gas, it may have to be flared, or burned off, into the atmosphere.Kayley Shoup grew up in Carlsbad, New Mexico, among the roughnecks and pumpjacks common to the region.
ExxonMobil's Chief Environmental Scientist, Matt Kolesar, acknowledges EDF's research and promises that his company is actively trying to reduce its emissions and is monitoring for methane leaks using special gas imaging cameras, overhead flights, and new technologies at certain sites. "Imagine if they had come clean in the 1970's and '80s and said, 'You know what? Burning fossil fuels causes climate change and this could be catastrophic, and so we're going to have 1% every year diversification investment and renewable energies.' We'd be in a whole different place today in the climate crisis and in our energy independence," said Khanna.David Faber interviews Rep.
"For a spec-built CO2 pipeline that you're going be looking at something around $300,000 per inch mile. So that means for every inch of diameter, that mile, costs $300,000 to build," said Davis. "All of a sudden, you're way up in the millions to $10 million per mile for that pipeline." Outside of the capital city of Georgetown, roughly 85 percent of the country is blanketed by untouched forests. For decades, this lush cover has allowed the country to act as a carbon sink, absorbing more carbon than it emits.But when ExxonMobil struck oil off Guyana's shores in 2015 and began producing in 2019, a new economy emerged.
Already the country's GDP jumped 43.5% from 2019 to 2020. President Ali hopes that the money coming in from oil and gas will deliver a wave of much needed prosperity to a nation where more than 40% of its citizens live on less than $6 USD a day."I think it's really backwards thinking to think that oil and fossil fuels is the way to go in 2022, with all that we know. All the science is clear," said Sherlina Nageer, a local activist.
"This is one of the films that is put together with other films to make something like your stand-up pouch. It needs to be able to stand up, hold the liquid, and all that," said Silva."Something that is designed to hold meat and cheese, you need different materials to give you more -- what we call 'barrier' -- barrier to oxygen, barrier to moisture.
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