Delek USA Chairman: ESG commitments are meaningless without changing behavior

Uzi Yemin, Executive Chairman of Delek US Holdings, Inc.,  a diversified downstream energy company with assets in petroleum refining, logistics, asphalt, renewable fuels, and convenience store retailing, said that environmental, social, and corporate governance (ESG) must be accompanied by changes in society’s usage of energy to be meaningful. Yemin appeared at the Jerusalem Post Conference on Monday in New York and was interviewed by Jerusalem Post editor-in-chief Zvika Klein.

Although 196 countries, including the United States, signed the 2015 Paris Agreement, an international treaty on climate change, said Yemin, nations continue to use more electricity, purchase more cars, and use more energy. He noted that there is a disconnect between what is happening in the world in terms of energy usage and pollution and the statements that are made by world leaders. “As long as we as a society are not committed to changing our behavior, these are just words,” said Yemin.

He added that most countries are trying to diversify their energy sources because of the war in Ukraine and the current Middle East conflict. Germany, for example, which had tried to stop using coal years ago, has now returned to its usage in order to avoid becoming dependent on natural gas from Russia.

Yemin said twenty years ago, people thought that fossil fuels would vanish. “Since then,” he said, “we know that won’t happen.” There are 1.5 billion cars in use in the world today, and 100 million vehicles were sold in 2023. Despite that, he noted that just 12 million electric vehicles were sold in the past year. “People have not changed their behavior,” said Yemin. “We won’t take 1.5 billion cars and trash them overnight.”

Delek US Holdings, Inc. sponsored a portion of the Jerusalem Post Annual Conference. www.jpost.com/AC24