Exxon’s CEO Says there will be No New Gas Cars Globally by 2040

Exxon CEO, Darren Woods, sat down with CNBC’s David Faber in an interview where he said by 2040, there will not be any new gas cars globally. According to Electrek.co, in the interview, Woods said to Faber that he thinks “sales of new gas-powered passenger vehicles will end in 2040 globally”.

The 35 minute long interview also included topics such as climate change, and storage plans, which will affect the continuing rise of electric vehicles. Woods talked about Exxon’s plans for carbon capture, and how Exxon can use this as a “[potential new revenue stream”. Woods believes that Exxon is “responsible for more direct air capture than any other company in the world and thinks that Exxon can be a leader in carbon capture.”. Woods claims that plans for future carbon capture will help in executing Exxon’s future goal of having all-electric vehicles by 2040.