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<blockquote data-quote="Weather Man" data-source="post: 17012069" data-attributes="member: 137766"><p>The Green Insanity close to sparking some serious shit.</p><p></p><h3>Exxon warns Europe must cut climate-related regulatory burden - FT</h3><p>Feb. 20, 2024 11:36 AM ET<a href="https://seekingalpha.com/symbol/XOM?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3AXOM" target="_blank">Exxon Mobil Corporation (XOM) Stock</a>By: <a href="https://seekingalpha.com/author/sa-editor-carl-surran?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cbutton%3Aauthor_name%7Cfirst_level_url%3Anews" target="_blank">Carl Surran</a>, SA News Editor<a href="https://seekingalpha.com/news/4069003-exxon-warns-europe-must-cut-climate-related-regulatory-burden-ft#comments" target="_blank">10 Comments</a></p><p><img src="https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1347477692/image_1347477692.jpg?io=getty-c-w750" alt="Exxon Retail Gas station. ExxonMobil is the Worlds Largest Oil and Gas Company." class="fr-fic fr-dii fr-draggable " style="" /></p><p>jetcityimage/iStock Editorial via Getty Images</p><p>Exxon Mobil (NYSE:<a href="https://seekingalpha.com/symbol/XOM?hasComeFromMpArticle=false&source=content_type%253Areact%257Csection%253Amain_content%257Cbutton%253Abody_link%257Cfirst_level_url%253Anews" target="_blank">XOM</a>) warned it could withhold billions of dollars in climate-related investments in Europe unless the European Union cuts environmental red tape which the company blames for the "deindustrialization of the European economy," <em>Financial Times</em> reported Tuesday.</p><p>Exxon Mobil (<a href="https://seekingalpha.com/symbol/XOM?hasComeFromMpArticle=false&source=content_type%253Areact%257Csection%253Amain_content%257Cbutton%253Abody_link%257Cfirst_level_url%253Anews" target="_blank">XOM</a>) executive Karen McKee <a href="https://www.ft.com/content/5fb5991e-e430-4832-9d1b-5b577aa4ee59" target="_blank">told <em>FT</em></a> the company had set aside $20B for decarbonization projects during 2022-27 but likely would prioritize "other parts of the world" because of increasing frustration at the regulatory burden linked to getting projects off the ground in Europe.</p><p>The EU's ambitious climate-related regulations had a "very adverse impact" on businesses and had resulted in "slow and tortuous" procedures for permitting and accessing finance, McKee said in the interview.</p><p>"Recent developments in Europe have not instilled confidence in long-term predictable policies," McKee said.</p><p>The comments came as European leaders including French President macron and more than 70 industry executives meet in Antwerp in an attempt to pressure the EU to rethink industrial policy and support businesses struggling with implementing the bloc's Green Deal climate law that commits to net zero greenhouse gas emissions by 2050.</p></blockquote><p></p>
[QUOTE="Weather Man, post: 17012069, member: 137766"] The Green Insanity close to sparking some serious shit. [HEADING=2]Exxon warns Europe must cut climate-related regulatory burden - FT[/HEADING] Feb. 20, 2024 11:36 AM ET[URL='https://seekingalpha.com/symbol/XOM?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3AXOM']Exxon Mobil Corporation (XOM) Stock[/URL]By: [URL='https://seekingalpha.com/author/sa-editor-carl-surran?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cbutton%3Aauthor_name%7Cfirst_level_url%3Anews']Carl Surran[/URL], SA News Editor[URL='https://seekingalpha.com/news/4069003-exxon-warns-europe-must-cut-climate-related-regulatory-burden-ft#comments']10 Comments[/URL] [IMG alt="Exxon Retail Gas station. ExxonMobil is the Worlds Largest Oil and Gas Company."]https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1347477692/image_1347477692.jpg?io=getty-c-w750[/IMG] jetcityimage/iStock Editorial via Getty Images Exxon Mobil (NYSE:[URL='https://seekingalpha.com/symbol/XOM?hasComeFromMpArticle=false&source=content_type%253Areact%257Csection%253Amain_content%257Cbutton%253Abody_link%257Cfirst_level_url%253Anews']XOM[/URL]) warned it could withhold billions of dollars in climate-related investments in Europe unless the European Union cuts environmental red tape which the company blames for the "deindustrialization of the European economy," [I]Financial Times[/I] reported Tuesday. Exxon Mobil ([URL='https://seekingalpha.com/symbol/XOM?hasComeFromMpArticle=false&source=content_type%253Areact%257Csection%253Amain_content%257Cbutton%253Abody_link%257Cfirst_level_url%253Anews']XOM[/URL]) executive Karen McKee [URL='https://www.ft.com/content/5fb5991e-e430-4832-9d1b-5b577aa4ee59']told [I]FT[/I][/URL] the company had set aside $20B for decarbonization projects during 2022-27 but likely would prioritize "other parts of the world" because of increasing frustration at the regulatory burden linked to getting projects off the ground in Europe. The EU's ambitious climate-related regulations had a "very adverse impact" on businesses and had resulted in "slow and tortuous" procedures for permitting and accessing finance, McKee said in the interview. "Recent developments in Europe have not instilled confidence in long-term predictable policies," McKee said. The comments came as European leaders including French President macron and more than 70 industry executives meet in Antwerp in an attempt to pressure the EU to rethink industrial policy and support businesses struggling with implementing the bloc's Green Deal climate law that commits to net zero greenhouse gas emissions by 2050. [/QUOTE]
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