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Exxon says it doubts climate models but just invested $2 billion on the assumption the models are right (about sea ice)

The finding that the long-term evolution of Arctic sea ice is primarily governed by the prevailing climate conditions implies that the loss of Arctic sea ice can still be slowed down and eventually stopped if an efficient reduction of CO2 emissions were to become reality soon. Last week, however, it became obvious once more how unlikely such scenario is: On 30th August, Exxon announced a deal with Rosneft, the Russian state oil company. As part of this deal, Exxon will invest more than US$2 billion to support Rosneft in the exploitation of oil reserves in the Kara Sea, which is part of the Arctic Ocean north of Siberia. One requirement for the success of this deal: a further retreat of Arctic sea ice. Given that climate model simulations indeed all project such further retreat of Arctic sea ice, it seems that at least to some degree, managers of big oil companies have started to make business decisions based on climate-model simulations. That may be good news. Or not.

Via: Scientific American magazine’s space and physics editor George Musser