THE chairman and chief executive of ExxonMobil – Rex Tillerson – has called on world leaders including those in the Asia-Pacific region to advance policies that advocate investment in alternative and reliable energy supplies to spur economic development.
Mr Tillerson said this in an address to Apec leaders that met in Singapore over the weekend and in apparent support to Prime Minister Sir Michael Somare’s address to the same forum. ExxonMobil is the world’ largest oil and gas concern.
Sir Michael told his Apec counterparts that PNG’s LNG projects – one of which is being developed by ExxonMobil – would boost the economies in the region and help to meet their greenhouse gas emission targets.
He said the first LNG project led by ExxonMobil was an example where investment from the private sector and governments within the Apec region had enabled PNG to pursue development of this clean energy resource.
Once into production, PNG would supply clean energy which would help offset binding targets on reduction in greenhouse gas emissions, Sir Michael said.
Tillerson told Apec leader resolving resolving energy problems relies in part on policies that encourage investments in affordable and reliable energy supplies.
“The energy policies we establish today will affect economic growth today and for decades to come,” he said.
“With the right principles guiding energy policy, the progress we have seen in Asia-Pacific can continue, and this in turn will help drive global economic recovery.”
He added that addressing the various energy challenges meant understanding the size and scope of the energy sector and how that translates to the investments needed to encourage sustainable growth.