For Darren Woods, Exxon Mobil Corp.'s chief executive officer, the answer to climate change won't be found in solar panels or high-profile global accords, but rather in a U.S. government laboratory.
At a time when environmentalists want Exxon to leave more oil and gas in the ground, Woods is pressing an alternative strategy. He wants to explore the "fundamental science" behind climate change for a way to cut carbon emissions without forcing consumers "to give up the use of energy, and give up their standards of living."
To that end, Exxon will unite with the Energy Department to study technologies including algae biofuels and carbon capture and storage, the company said in a statement. Exxon is contributing as much as $10 million a year to the effort, or the equivalent of about five hours of profit for the oil major. Exxon says the pact is one of the largest between the department's laboratories and the private sector and will run for a decade.