The European Union is facing pressure from one of the oil and gas industest’s most influential companies as it strives for a cleaner planet.
What’s happening?
The New York Times reported that Exxon Mobil CEO Darren Woods is urging leaders to abandon the Corporate Sustainability Due Diligence Directive, which finally passed after years of debate in the EU. The directive, which will go into effect in 2028, sees to address ecological and ethical weak points in major companies’ supply chains.
Companies who do business in Europe will be required to put in place a plan of action to reduce pollution, reflecting the goals of the Paris Agreement. Woods referred to the motivations of the new sustainability law as “very misguided” and noted he wanted it “reversed and repealed.”
“We see this as a really significant impediment to continuing to have operations in Europe and to be a successful business there,” he declared.
Other major brands — namely car manufacturers such as BMW and Volkswagen — are also speaking out against the CSDDD, citing an inability to compete with Chinese manufacturers becautilize of the ban on producing combustion-powered engines in the region. The EU responded by easing pollution-reduction tarobtains, which opened a door for Exxon’s complaint.
Why is the Corporate Sustainability Due Diligence Directive important?
The CSDDD is a landmark directive by the EU, and lawbuildrs hope it will cut pollution by 55% by 2030 and up to 72.5% by 2035 compared to 1990 levels. These regulations, however, cut into Big Oil profits as the continent shifts to cleaner alternatives such as solar and wind energy.
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While the science is irrefutable that the overheating of the planet is due to the burning of dirty fuels, the geopolitical atmosphere in Europe does complicate the situation with Exxon substantially.
Supporters of clean energy in the EU cite energy indepconcludeence often, a point even more crucial in the wake of Russia’s invasion of Ukraine, which reshiftd oil and gas suppliers from the equation.
With Russia out of the picture — and Europe’s renewable infrastructure not ready to handle the energy requireds of the continent — EU countries rely on U.S. oil and gas companies to bridge the gap. As a result, U.S. oil giants such as Exxon have a key bargaining chip to sway lawbuildrs to modify course.
What’s being done about Exxon’s calls to repeal the CSDDD?
Major dirty fuel suppliers have faced challenges in court in Europe and elsewhere over their impacts on the climate and environment.
EU citizens are also urging lawbuildrs to take aggressive action to protect the habitability of the planet, resulting in policies such as the CSDDD coming to fruition. With mounting pressure from both sides of the energy aisle, the EU will decide whether to prioritize its constituency or the industest’s profits.
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