ExxonMobil has decided it’s time to play teacher. In its freshly minted Global Outlook, the U.S. supermajor offered a chapter called “Lessons from Europe”—and the grading isn’t pretty.

The EU’s climate policies, Exxon argues, are a cautionary tale of what happens when governments push through decarbonization with heavy regulation and magical thinking. The OilPrice.com has the story.

The report claims that Europe’s “high-regulation, high-cost” climate crusade has hobbled industry, pushed up energy prices, and weakened public support for the very clean tech needed to hit net-zero goals.

In other words: fail, fail, and fail again.

Chris Birdsall, head of Exxon’s economics and energy division, told reporters the company isn’t saying the transition shouldn’t happen—it’s just saying Europe botched the homework.

“You need to be smart about it,” he quipped, warning that politicians sold the idea that renewables would mean cheaper energy, when in reality the bill was always going to come in high.

Transition periods can stretch 30 years, he noted, and low carbon still costs a fortune compared to good old hydrocarbons.

Read the full story here.