ExxonMobil Holdings (XOM) said global carbon dioxide emissions will hit 30 billion metric tons by 2050, almost triple the level needed to limit global warming to 2 degrees Celsius.

ExxonMobil also said Thursday in its 2026 global outlook that by 2050, carbon dioxide emissions are expected to fall about 20% on efficiency improvements and a shift toward lower-emission technologies.

The company said that oil and natural gas will make up more than half of the global energy mix in 2050, with oil demand projected to stabilize after 2030, remaining above 100 million barrels per day through 2050.

Additionally, technologies like carbon capture and storage, low-carbon hydrogen and biofuels are nowhere near reaching their full potential in reducing emissions and will require constructive policies and technical advancements to help society achieve its climate goals, ExxonMobil said.

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