Climate Policies Could Hand Power and Profits Back to OPEC

By Ellen R. Wald

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While U.S. President Joe Biden preaches a net-zero emissions goal for 2050 to slow global warming, and activist shareholders force Exxon Mobil Corp. to embrace solar and wind power, Saudi Arabia sees a bright future for what it knows how to do best: pumping oil.

Let others indulge their fantasies that alternative fuels can nullify the need for new investment in petroleum supplies, said Saudi Energy Minister Prince Abdulaziz bin Salman. Asked about a report by the International Energy Agency that made such a recommendation, the 61-year-old royal was ready with a snappy comeback. “I believe it is a sequel to the La La Land movie,” he said at the online OPEC+ press conference on June 1. “Why should I take it seriously?”