Exxon CEO Says Carbon-Cutting Market Needed in Energy Transition

Government policy isn’t enough to reduce emissions and accelerate the world’s transition to cleaner energy sources and a market for carbon-emission reductions is needed, Exxon Mobil Corp. Chief Executive Officer Darren Woods said.

Clear government policies around the world focusing on reducing emissions are crucial, and the landmark Inflation Reduction Act in the US is “catalyzing investment” in energy-transition supply chains — but more will be required, Woods said Monday.

“Governments cannot afford to subsidize reduced emissions in perpetuity,” Woods said Monday at the World Petroleum Congress in Calgary. “Ultimately, market forces are going to have to come into play, ...