ExxonMobil’s flaring in Guyana and the Caribbean over the past year has had a significant impact on the environment and the economy. Flaring is typically used to burn off unwanted gases that cannot be used or stored during oil extraction, and the primary greenhouse gas emitted during flaring is carbon dioxide. It’s estimated that ExxonMobil flared 71.88 Million Standard Cubic Feet (MMSCF) over the past year, which has resulted in approximately 67 million metric tons of CO2 emissions. This is a significant amount and could have a devastating impact on our planet.
To put this into context, the Intergovernmental Panel on Climate Change (IPCC) has estimated that we need to reduce global greenhouse gas emissions by about 45% by 2030 and reach net-zero emissions by 2050 to limit global warming to 1.5 degrees Celsius above pre-industrial levels. The emissions from ExxonMobil’s flaring represent a non-trivial contribution towards the overall emissions reduction goals. The economic impact of these emissions could be significant as well, with an estimated economic impact of $10.05 billion.
It’s disappointing that ExxonMobil and its shareholders are seeking almost $1 billion from the taxpayers of Guyana to build a gas to shore pipeline to decrease ExxonMobil’s flaring. The responsibility thing to do would be for ExxonMobil to fund the gas to shore pipeline themselves. The economic impact of these emissions should not be borne by the taxpayers of Guyana, but by the company that is responsible for them.
It’s time for ExxonMobil to take responsibility for their actions and the impact they are having on our planet. We need to work towards a sustainable future, and that means reducing greenhouse gas emissions and investing in clean energy and infrastructure improvements. ExxonMobil must take a proactive role in this effort and start by funding the gas to shore pipeline themselves. The world is watching, and the time to act is now.
