filed at the ExxonMobil annual meeting by Ceres, another activist investor and a founding partner of Climate Action 100+, cited the IEA net zero report and requested the company’s board to produce an audited report on the impact of applying the IEA’s net zero assumptions on the company’s financial statements. The resolution received the support of 51.0 percent of voting shareholders.
Failure to invest in increased supply is far more likely to result in upwardly spiraling prices as demand increasingly exceeds supply, as the Biden Administration understood when it used the Strategic Petroleum Reserve for the nonstrategic purpose of tamping down gasoline prices. EPRINC compares the net zero supply deficit with the IEA’s Stated Policies Scenario .
By 2030, the IEA’s net zero pathway uses an additional $16.5 trillion of capital. More investment should make labor more efficient. Not with clean energy. Renewables require nearly 38.5 percent more labor, global energy employment rising by nearly 25 million. Yet this new energy system produces 7 percent less energy, implying a calamitous 33.0 percent fall in energy output per employee.
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