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ExxonMobil warned that it might hold back billions in climate-related investments in Europe unless Brussels reduces environmental red tape, which the company sees as the reason for the “deindustrialisation of the European economy,” Reuters reported on Tuesday citing the Financial Times.
The newspaper reported, based on an interview with Karen McKee, president of Exxon’s product solutions division, that Exxon had earmarked $20 billion for decarbonisation projects from 2022 to 2027.
McKee told the Financial Times that, due to the growing regulatory challenges in Europe, Exxon was likely to shift its focus to “other parts of the world.”
