Exxon Mobil Corp. unveiled plans on Dec. 14 to further reduce its greenhouse gas emissions over the next five years to support the goals of the Paris Agreement.
Similar to other oil and gas companies, Exxon Mobil has faced growing pressure from investors and climate activists to meet the 2015 Paris climate goal to limit global warming to 2 degrees Celsius from pre-industrial levels.
Recently, Exxon Mobil has come under attack by a small investment company whose activist campaign demanding changes at Exxon including the U.S. oil company’s transition to cleaner fuels has attracted growing support by the Church Commissioners for England and D.E. Shaw.
On Dec. 14, Exxon Mobil said it had supported the Paris Agreement from its inception and continues to support U.S. government participation in the framework.
“We respect and support society’s ambition to achieve net-zero emissions by 2050, and continue to advocate for policies that promote cost-effective, market-based solutions to address the risks of climate change,” Darren Woods, chairman and CEO of Exxon Mobil, said in a statement.
In 2018, Exxon Mobil announced plans to achieve by year-end 2020, a 15% decrease in methane emissions and a 25% reduction in flaring, compared with 2016 levels.
The company now plans to reduce greenhouse gas emissions from its operated upstream business by 15% to 20% by 2025. Exxon said the reduction will be supported by decreases in methane intensity and flaring intensity across its global operations.
Additionally, the company also plans to align with the World Bank’s initiative to eliminate routine flaring by 2030.
“These meaningful near-term emission reductions result from our ongoing business planning process as we work towards industry-leading greenhouse gas performance across all our business lines,” Woods added in his statement.
Since 2000, Exxon Mobil has invested more than $10 billion researching, developing and deploying lower-emission technologies, including nearly $3 billion at cogeneration facilities that more efficiently produce electricity and reduce related emissions, according to the company release.
The company supported the Oil and Gas Climate Initiative’s announcement to reduce methane and carbon intensity for upstream operations. It also deployed new technologies throughout its operations to reduce flaring and methane emissions, while working to test new technologies to detect and measure fugitive emissions.
Exxon Mobil also noted in its release that it has publicly supported the regulation of methane from new and existing sources and issued a methane regulatory framework for governments to consider as they draft new policies.
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