"It's an uneconomic niche and our business is not built around the expectation of a bunch of subsidies to make a profit," said Scott Nauman, manager of the economics and energy division at Exxon. "We want a business that is robust on its own merits."
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Exxon: Solar, Wind Energy Unfavourable
Exxon Mobil Corp., the largest publicly traded oil company in the world
Exxon Mobil Corp., the largest publicly traded oil company in the world, has decided not to invest in solar and wind energy, despite the growing popularity of renewable energy sources.
Earlier the company has already considered this opportunity, but eventually it has come to a conclusion, that the business is ?viable only with Uncle Sam's help.?
Exxon estimates solar and wind energy demand will grow at a 10 percent rate annually over the next 25 years, but only on the back of government subsidies and tax breaks to spur investment in cleaner, environment-friendly energy sources.
"It's an uneconomic niche and our business is not built around the expectation of a bunch of subsidies to make a profit," said Scott Nauman, manager of the economics and energy division at Exxon. "We want a business that is robust on its own merits."
"It's an uneconomic niche and our business is not built around the expectation of a bunch of subsidies to make a profit," said Scott Nauman, manager of the economics and energy division at Exxon. "We want a business that is robust on its own merits."
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