Exxon says global net zero goals fading as coal use climbs

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Exxon Mobil (NYSE:XOM [https://seekingalpha.com/symbol/XOM]) said the global energy sector’s net zero goals likely will slip further past 2050 [https://www.bloomberg.com/news/articles/2025-08-28/exxon-says-global-emissions-goals-have-slipped-as-coal-use-rises?srnd=homepage-americas] due to high energy costs and a rebound in the demand for coal, Bloomberg reported Thursday.

In its newly published Global Outlook [https://corporate.exxonmobil.com/sustainability-and-reports/global-outlook], Exxon (NYSE:XOM [https://seekingalpha.com/symbol/XOM]) forecast emissions will fall by 25% by 2050, well short of the two-thirds drop needed to meet a target set by the United Nations' Intergovernmental Panel on Climate Change, while coal consumption is rising because of a slowdown in the deployment of renewable energy sources and growing energy demand.

Exxon's (NYSE:XOM [https://seekingalpha.com/symbol/XOM]) 2050 emissions forecast is nearly 4% higher than in last year's outlook, as more coal is used to support power from wind and solar, and slowing electric vehicle sales in much of the world maintain high levels of oil demand.

The report sees oil demand peaking around 2030, then plateauing and remaining above 100M bbl/day through 2050, while raising its forecast for natural gas demand, which it sees increasing more than 20% by 2050 from last year's level due to rising global power use.

Combined oil and gas will account for 55% of the global energy mix in 25 years, down just a percentage point from 2024 levels, while coal and bioenergy comprise 14% and 10% of the global energy mix, respectively, the company said.

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