Concerns Over Trump Withdrawal from Climate Agreement
Does Not Support Strategy to Ease Oil Drilling Regulations
As concerns grow over the possibility of the United States withdrawing from the Paris Climate Agreement ahead of the return of President-elect Donald Trump to the White House, Darren Woods, CEO of ExxonMobil, has sparked attention by opposing the withdrawal even after Trump's administration begins. He pointed out that if all the eco-friendly policies established during the Joe Biden administration are overturned, it could lead to greater policy confusion and increased costs.
On the 11th (local time), Woods CEO said in an interview with The Wall Street Journal (WSJ), "If the United States withdraws again from the Paris Agreement as proposed by President-elect Trump, uncertainty will increase and it could disrupt the international community's efforts to prevent the worst impacts of climate change." He added, "Policies swinging back and forth like a pendulum with changes in administration do not benefit businesses either."
Previously, the U.S. government withdrew from the Paris Agreement during Trump's first term but rejoined under the Biden administration. President Joe Biden ordered rejoining the Paris Agreement as one of his first actions upon taking office in January 2021. However, it is expected that if Trump's second term administration begins in January next year, there is a high possibility of withdrawal again.
Before his election, Trump repeatedly criticized the Biden administration's energy development restrictions during his campaign, claiming they caused inflation, and announced a policy to fully allow energy development such as oil drilling under the slogan "Drill, Baby, Drill."
Analyst Paul Sankey explained, "It is ironic that major oil companies do not support Trump's strategy, nor do their shareholders. They have worked very hard to reduce emissions, and what they least want is for all the rules and regulations to change again."
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