Middle East

Exxon


January 18, 2022

Credits: Igor Kardasov / Adob ​​eStock

Exxon Mobil Corp promised to catch up with its rivals with minimal carbon dioxide emissions on Tuesday and reduce net carbon emissions from its global operations to zero by 2050.

Exxon’s 2050 plan, first considered last year, targets the production of oil, gas and chemical products and the emissions from the electricity consumed by these businesses, the so-called Scope 1 and 2. We make no promises about emissions from consumers who use those products.

“We are developing a comprehensive roadmap to reduce greenhouse gas emissions from assets under management around the world,” said Darren Woods, CEO of Exxon, in a statement. It states.

The company “is working with partners to achieve similar emission reductions,” he said, for properties that Exxon is not in charge of operating.

Last year, oil major shareholders dismissed three Exxon directors and replaced them with candidates proposed by hedge funds, urging the company to increase profits and strengthen its readiness for a low-carbon society.

US oil producers lag behind many European rivals in accepting the Paris Agreement’s goal of reducing emissions that contribute to global warming. BP Plc and Royal Dutch Shell Plc are also committed to reducing emissions from fuels and products sold to consumers. This is the so-called Scope 3 goal.
Exxon’s new pledge is one step ahead of US rival Chevron, which promised to reduce emissions from upstream operations to zero by 2050 in October last year and lower emission intensity elsewhere. ..

Exxon announced in November that it would increase spending on projects dedicated to low-carbon emissions to $ 15 billion by 2027. This includes the development of currently non-commercial technologies such as carbon recovery and storage, hydrogen generation, and biofuels from algae.

In December, we promised to achieve net zero greenhouse gas emissions for our business in the Permian Basin, USA, by 2030.

European oil producers have led the energy transition with plans to gradually reduce oil production and replace it with renewable wind and solar power. Exxon and Chevron plan to increase oil production over the next decade, supported by forecasts of rising global oil demand.

(Report by Sabrina Valle, edited by Paul Simao)

https://www.oedigital.com/news/493587-exxon-pledges-net-zero-carbon-emissions-from-operations-by-2050 Exxon

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