Exxon’s new climate initiative is too little, too late ...Middle East

ExxonMobil posted a fourth-quarter loss of $20.1 billion on Feb. 2—its fourth consecutive quarter in the red—after writing down $19 billion in “less strategic” oil-producing assets. In that, the company joins other US and European oil outfits, which wrote down a collective $145 billion in the first three quarters of 2020 due to the pandemic and concerns about climate change.Exxon also made a surprise promise on Tuesday: to invest $3 billion in carbon capture technology by 2025, through a newly-minted subsidiary venture called ExxonMobil Low Carbon Solutions. Don’t get too excited, though—Exxon is still no champion for climate action.https://datawrapper.dwcdn.net/kDkdK/1/Read the rest of this

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