US oil company Exxon Mobil has said it is highly unlikely to achieve carbon neutrality by 2050 as set by the Paris Agreement. The fact that the oil giant actually “buried” the main climate goal, Bloomberg reported.

The company is convinced that the reason why it will be almost impossible for the world to come to zero carbon emissions is the decline in the standard of living of people that will occur in such a scenario. They also noted that the International Energy Agency’s plan to phase out most fossil fuels by 2050 in order to achieve carbon neutrality has little to do with reality – the world is not on the path to reducing emissions, and the above scenario is “very aggressive.” “It is highly unlikely that society will come to terms with the deteriorating global standard of living necessary to permanently achieve a scenario like the IEA’s plan to achieve carbon neutrality,” the oil company said. In April, it became known that Russia was warned about the dangerous consequences of insufficient decarbonization measures in the country. Among such negative scenarios, the Russian Center for Energy Efficiency named an increase in greenhouse gas emissions, as well as noticeable economic losses.