Exxon raises 2050 global emissions forecast, sees slower coal decline

HOUSTON, Sept 17 (Reuters) - The world is at risk of falling behind in efforts to reduce carbon emissions by 2050, ExxonMobil said in its annual energy outlook published on Thursday, as the burning of coal could decline at a slower rate than previously expected.

Exxon estimates coal will account for 15% of the world's energy mix by 2050, down from 25% in 2025, but up by one percentage point from the company's previous projection. That is because coal is still a significant energy source in China and other countries in Asia and is considered key for energy security, said Prasanna Joshi, Exxon's director of economics and energy, at a briefing.

Last week, the International Energy Agency forecast global coal demand to rise to a record 8.94 billion metric tons this year, as the U.S.-Israeli war on Iran chokes off exports of crude and liquefied natural gas shipments through the Strait of Hormuz.

Exxon's outlook, which provides the basis for its investment decisions, does not account for the Middle East conflict because it is too early to determine the full ramifications, Joshi said.