Woods argued the “dirty secret” is that customers weren’t willing to pay for the added cost of cleaner fossil fuels.

In his comments Tuesday, Woods argued the “dirty secret” is that customers weren’t willing to pay for the added cost of cleaner fossil fuels.

Referring to carbon capture, Woods said Exxon has “tabled proposals” with governments “to get out there and start down this path using existing technology.”

“People can’t afford it, and governments around the world rightly know that their constituents will have real concerns,” he added.

“So we’ve got to find a way to get the cost down to grow the utility of the solution, and make it more available and more affordable, so that you can begin the [clean energy] transition.”

For example, he said Exxon “could, today, make sustainable aviation fuel for the airline business. But the airline companies can’t afford to pay.”