Exxon Halts €100 Million Recycling Investments Due to EU Rules

Exxon Mobil Corp. is shelving investments in chemical recycling in Europe due to what the energy giant says are overly restrictive rules on plastics.

The company will pause until further notice €100 million ($118 million) of investments in recycling in Antwerp and Rotterdam, the European Union’s petroleum-trading heartland, Senior Vice President Jack Williams said in an interview.

The EU is under mounting pressure to cut red tape to help industries grappling with high energy prices and myriad regulations compete in the global arena. The bloc’s leadership in policies to fight climate change faces growing challenges following the return to the ...