Executives from ExxonMobil and QatarEnergy have issued stark warnings about the EU’s Corporate Sustainability Due Diligence Directive, which could impose fines of up to 5% of global revenue. Exxon CEO Darren Woods described the potential consequences of the directive as “disastrous,” emphasizing that it holds companies accountable for human rights and environmental risks globally, not just within Europe. He stated that if the EU enforces such legislation worldwide, it would be untenable for Exxon to operate in Europe.
QatarEnergy’s CEO, Saad al-Kaabi, echoed these concerns, suggesting that the company has contingency plans to halt gas shipments to Europe if the law remains unchanged. He stressed the importance of Qatar’s gas supply to Europe, asserting that the continent needs gas from various sources, including the U.S. and Qatar. Kaabi also criticized the directive’s requirements, stating that they hinder the industry’s ability to achieve net-zero emissions.
Both companies are significant suppliers of liquefied natural gas (LNG) to Europe, especially following the reduction of Russian gas supplies. The EU Parliament is currently negotiating changes to the directive, with the goal of finalizing modifications by the end of the year.
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