What is ExxonMobil’s new climate strategy worth?

DARREN WOODS made some revealing remarks this week about global warming. His ruminations matter in for he is the boss of Exxon Mobil, the largest Western oil major. His firm has historically been less enthusiastic than rivals about taking climate change seriously. But a last May placed three green-tinted directors on its board. That has put pressure on the Texan company’s management to curb emissions with more ambition.On January 18th Mr Woods unveiled the firm’s long-awaited update to its climate strategy. “Is society sincere in its desire for a lower-emissions future?” asked the veteran oilman when pressed on the thinking behind the plan. It is, he says. “And so are we.” Evidence for this lies in a newfound willingness to commit to hard targets for cutting greenhouse-gas emissions.