– The big insurance companies like Lloyd’s of London have a vested interest in getting their analyses right as they have big money riding on their predictive skills.
– One might argue that a company like Exxon might have a greater interest in ‘spinning’ their analyses. But, they have to get it right with the version they’re using behind closed doors. Here’s what they are publicly saying. Makes for interesting reading.
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ExxonMobil – known as the world’s largest, most efficient, and most profitable oil company – has its own distinctive way of looking at the world. In its starkly realistic annual “Outlook for Energy”, it concludes that until 2030: CO2 emissions will continue to grow, fossil fuels will continue to dominate energy supply, and solar power, electric cars and carbon capture & storage will not become cost-competitive. But the company is not without idealism: it believes in the power of efficiency, dreams of turning algae into oil and favours a carbon tax over a cap-and-trade policy.
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| Todd Onderdonk, Senior Energy Adviser at ExxonMobil |
Every year, energy giant ExxonMobil presents its own “Outlook for Energy”, its view of the world’s energy future until 2030. Although ExxonMobil’s outlook is based on essentially the same historical data as similar “outlook” reports from the International Energy Agency in Paris and the Energy Information Administration (EIA) in Washington, it offers in many ways a different – and fascinating – perspective on the world. It may well be – although this is something no one can say for sure – a more realistic, anticipatory vision than the one offered by the “official” energy institutions.
Todd W. Onderdonk, Senior Energy Adviser in ExxonMobil’s Corporate Strategic Planning Department, and one of the main authors of the “Outlook for Energy”, explains the uniqueness of ExxonMobil’s report as follows: ‘The energy outlooks of some key government institutions typically reflect a set of certain policy assumptions, which help provide a wide bracket of possible outcomes rather than a forecast of what is likely to happen by 2030. For example, they often provide a baseline outlook that assumes no changes in energy policy. By comparison, in developing an outlook to guide our long-term investment decisions, we have to take a view on how policies, energy markets and technology are likely to evolve through 2030 to address economic, energy and environmental challenges worldwide.
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– Research thanks to Mike D.