ExxonMobil released a statement earlier this month supporting the Paris Climate Agreement, just days before president-elect Donald Trump won the nation’s top office.
Exxon said it “supports the work of the Paris signatories, acknowledges the ambitious goals of this agreement and believes the company has a constructive role to play in developing solutions.”
The Paris Climate Agreement went into effect on November 4.
Exxon reiterated its support for a revenue-neutral carbon tax and stressed the need to minimize emissions while meeting global energy demand.
“As policymakers develop mechanisms to meet the Paris goals, ExxonMobil encourages them to focus on reducing emissions at the lowest cost to society, keeping in mind that access to affordable and reliable energy is critical to economic growth and improved standards of living worldwide,” the company said.
The agreement calls for signatories to help keep global average temperature to well below 2°C above pre-industrial levels.
The agreement also aims to limit global climate increases to 1.5°C in order to reduce the risks and impacts of climate change.
Under the agreement, developed countries will work together to mobilize $100 billion per year through 2025 to support climate action.
ExxonMobil said it has invested nearly $7 billion since 2000 on lower-emissions initiatives including energy efficiency, cogeneration, flare reduction, carbon capture and sequestration and research into next-generation biofuels.
“The agreement is an important step forward by world governments in addressing the serious risks of climate change,” ExxonMobil said.
The statement was released just days before Trump won the U.S. presidential race.
He has indicated that he would “cancel” U.S. participation in the climate accord.
A source on Trump’s transition team told Reuters that Trump’s team is investigating ways around a formal four-year procedure to back out of the pact.
Trump could potentially send a letter withdrawing from the agreement that would allow the United States to exit the accord after one year.
Trump could also sign an executive order cancelling the signature of the United States, the source told Reuters.
Trump has also pledged to “cancel billions in payments” to U.N. climate change programs and direct those funds to domestic water and environmental infrastructure within his first 100 days, according to a plan seen by NPR.
Trump has not confirmed details about his plan to withdraw the United States from the Paris Climate Agreement.