ExxonMobil Announces Net Zero Ambitions

ExxonMobil today announced its plans to achieve Net Zero emissions in its operated assets by 2050. It is the latest of the oil majors who have made similar pledges to reduce their Scope 1 and Scope 2 emissions to help the world transition to a lower carbon economy.

“ExxonMobil is committed to playing a leading role in the energy transition, and Advancing Climate Solutions articulates our deliberate approach to helping society reach a lower-emissions future,” said Darren Woods, chairman and chief executive officer in a press release about the targets. “We are developing comprehensive roadmaps to reduce greenhouse gas emissions from our operated assets around the world, and where we are not the operator, we are working with our partners to achieve similar emission-reduction results.” 

Exxon says that to achieve these targets, it will implement a range of measures such as improving energy efficiency, utilizing renewable or lower emission power in its operations, mitigating methane (an even more potent greenhouse gas than carbon), upgrading equipment and eliminating venting and routing flaring. In all, says the company, over 150 potential modifications have been identified that can be applied to its upstream and downstream assets to reduce carbon intensity and emissions.

It will also continue to invest in lower emission technologies such as hydrogen, biofuels and carbon capture and storage.