Crypto News: COP29: A Second Date With the Exxon CEO

Good evening from Baku. Today world leaders took turns calling for more climate finance, while the conference was reminded this year's summit is happening in a petrostate with references to the host country's oil and gas reserves. You can read all of our COP29 coverage for free on Bloomberg.com.

By Akshat Rathi

First dates are awkward. Talking about carbon accounting on a second one could be a deal breaker. But perhaps it works out for Darren Woods, chief executive officer of Exxon Mobil Corp., who came to woo the climate world at his second-ever COP.

His first visit was COP28 in Dubai, where despite the petrostate status of the host, all countries signed off on "transitioning away from fossil fuels." There was an alignment among world leaders to get a deal across, and Woods, who likes to say that Exxon is an energy company, was ready to offer climate solutions the world sought.

That was quite the turnaround for a company that has a long history of sowing doubt about the science to slow down climate action. COP might have wooed Woods.

This year's COP has a different vibe. Leaders of major countries are feeling the heat back home, both in climate impacts and also weaker economic growth. Some of those leaders, including US President-elect Donald Trump, promise to be hostile to climate action.

Weirdly, that can be bad for a company like Exxon, which invests in projects that can span multiple political cycles. It creates uncertainties that add to the cost of doing business and lower profitability.

So Woods has a reason to be bold, as he's urged Trump to remain in the Paris Agreement. "The focus ought not to be on pulling in and out of the agreement," he said. If Trump chooses to prioritize fossil fuels anyway, Woods said he's got a ready market for low-carbon solutions outside the US, which contributes more than 10% of global carbon emissions.

But second dates can force you to up the ante. So Woods came to COP29 armed with a climate solution involving carbon accounting. Even as Exxon is producing oil at record levels, and Woods said he's ready to boost it further if the world demands more.

You'll get to hear more details on all of that this Thursday, when we air our interview with Woods in full on the Zero podcast. If his enthusiasm for engaging with the climate community is more than just a good act, maybe there will be a third date at COP30 in Brazil next year.

52,894

This is the attendance at COP29 this year, according to the United Nations Framework Convention on Climate Change. Far less than last year's conference in Dubai, which brought in some 85,000 participants.

"Let's watch his actions, watch his deeds and work with him on explaining why these things are good for American business, for European businesses, and for everybody else."

Ajay Banga

World Bank Group President

Despite fears the re-election of Donald Trump will obstruct meaningful action to curb global warming, Banga says the World Bank is on target to meet its climate target

More world leaders are slated to address the summit tomorrow. Speeches are due to start at 9am local time. Look out for Italian Prime Minister Giorgia Meloni, who is only one of two G7 leaders to turn up at COP29. The other being UK Prime Minister Keir Starmer. Also, while Lula decided to stay home in Brazil, his Vice President Geraldo Alckmin is due to speak. Brazil will host next year's COP in the Amazonian rainforest.

Tune in to Bloomberg TV for live interviews from Baku. Fortescue chairman Andrew Forrest will join at 9:10am local time. The Australian billionaire made his fortune in mining and now is betting big on the energy transition. He'll be followed by Greek Prime Minister Kyriakos Mitsotakis at 9:45am. Greece has been experiencing increasingly frequent and intense wildfires due to climate change.

Bloomberg Green will be hosting an event at the Baku Business Center starting at 2pm local time. In a conversation on stage, Andrew Steer, president of Bezos Earth Fund, will talk about the role climate philanthropy plays in the fight against global warming. Banking elite will be there, too, with representatives from JPMorgan, Standard Chartered and Bank of America who will share their views on how to mobilize more private capital in support of climate action.

Activists who dispute the severity of climate change enjoyed cachet in Donald Trump's first administration and salivated over the prospect of his return to the White House. Now that he's won, they've delivered a wish list to his transition team.

At the top of their agenda: Terminating federal science advisory boards, reviewing air-quality regulations issued by the Environmental Protection Agency and repealing President Joe Biden's "anti-coal regulatory actions," as well as promoting coal as "a preferred means of electricity."

Coal on barges in Pittsburgh, on Sept. 9, 2024. Photographer: Justin Merriman/Bloomberg

The skeptics' to-do list, or parts of it, could find a welcome home in the incoming administration. The president-elect has mocked climate change as a "hoax" and a "scam" and employed a number of climate science critics in prominent roles during his first term.

"This is a tremendous opportunity," said James Taylor, the president of the Heartland Institute. "Donald Trump has demonstrated during his first four years in office that he will not be misled by the climate crisis myth."

Read the full story for free on Bloomberg.com.

Zero is in Baku this week, where delegates and heads of state from around the world have gathered for COP29. Akshat Rathi tells producer Mythili Rao what's in store in the two weeks ahead, and COP29 President Mukhtar Babyaev explains how Azerbaijan is trying to make the summit a success, despite concerns that NGOs and protesters will have limited access to the proceedings. Listen now, and subscribe on Apple, Spotify, or YouTube to get new episodes of Zero every Thursday.

Countries often find interesting ways to demonstrate sustainability at their COP pavilions. At China's stand, you're invited to sit on chairs made from cardboard.