ExxonMobil has warned that unless the EU reduces its cumbersome environmental procedures, the company will withhold billions of dollars in climate related investments in Europe, accusing these cumbersome procedures of leading to "de industrialization of the European economy.". Karen McKee, President of ExxonMobil's Product Solutions Division, stated that the company has set aside $20 billion in funding for decarbonization projects from 2022 to 2027, but due to frustration with regulatory burdens for launching projects in Europe, the company may prioritize "the rest of the world". (Financial Times)