ExxonMobil announced its intention to reach net-zero greenhouse gas emissions from operations, joining the company of other multinational oil firms intending to reduce their carbon footprints in line with the Paris Agreement.
The nation’s largest oil company said on Tuesday it aims to reach net-zero emissions for operated assets by 2050. That goal includes the emissions that come directly from its business and those that come from its purchases of electricity and heating, but, crucially, does not include the emissions that would come from the oil and gas it produces and sells.
“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,” Darren Woods, Exxon’s chairman and chief executive officer, said in a statement.
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Last year, an activist hedge fund led a successful shareholder revolt against Exxon, aiming to pressure the company to invest in clean energy and move away from fossil fuels.
Several other oil supermajors have announced net-zero targets, including Royal Dutch Shell, BP, and Chevron. The firms have all expressed support for and begun investing in technologies that cut and capture emissions.
Still, the industry generally maintains that its oil and gas products will be integral to the global economy for years to come and have urged lawmakers to work with producers.
“The fact remains, under most credible scenarios, including net-zero pathways, oil and natural gas will continue to play a significant role in meeting society’s need,” Exxon CEO Woods said at the World Petroleum Congress in December.
Separately, Exxon said in December it intends to reach net-zero greenhouse gas emissions from operated assets in the Permian Basin by 2030, part of a broader goal of reducing emissions intensity among its upstream operations by 40-50% by the same date.
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Exxon said its plan involves electrification of operations in New Mexico and Texas to improve methane monitoring and to make equipment upgrades.
