Exxon Mobil says that global policies to combat climate change won't be strict enough to stop the company from selling all of the oil and gas it has found - and all that it will find in the foreseeable future, It says the fuels are too important for global economic development.
Exxon issued a report on Monday on the risks that climate change policies could pose to the company's assets and future profitability in response to shareholder concerns that the assets that underpin the company's value will be worth less as society restricts consumption to fight climate change.
Exxon's report, the first detailed response to these concerns by a major oil company, says governments are "highly unlikely" to adopt policies that sharply cut emissions because they would choke economic growth.
On Monday a UN expert panel report said the effect of soaring carbon emissions would amplify the risk of conflict, hunger, floods and migration.
US Secretary of State John Kerry warned that failing to act immediately and decisively on climate change would have "catastrophic" and wide-ranging consequences.
