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Exxon Mobil Sets Goal for Net Zero Carbon Emissions by 2050

Energy major Exxon Mobil said it aimed to achieve net zero greenhouse gas emissions by 2050.
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Exxon Mobil  (XOM) - Get Exxon Mobil Corporation Report on Tuesday said it aimed to achieve net zero greenhouse gas emissions by 2050.

“To help reach net zero for operated assets by 2050, the company has identified more than 150 potential steps and modifications that can be applied to assets in its upstream, downstream and chemical operations,” Exxon said in a statement.

“Initial actions already underway prioritize energy efficiency measures, methane mitigation, equipment upgrades and the elimination of venting and routine flaring.

"Further high-impact reduction opportunities include power and steam co-generation and electrification of operations, using renewable or lower-emission power.”

The Irving, Texas, company’s investors have been pushing it to act more strongly on climate change. Some critics say that Exxon Mobil has been slow to move, and that the company still lags some of its competitors on climate change policy.

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“The company expects to finalize detailed roadmaps that address approximately 90% of operations-related greenhouse gas emissions by the end of this year, and the remainder will be completed in 2023,” the company said. It plans to invest more than $15 billion by 2027 on lower-emission initiatives.

Exxon Mobil said it would help customers cut their greenhouse emissions by investing in carbon capture and storage, hydrogen and biofuels. 

“Bio-based feed and plastic waste streams provide further opportunities for lowering greenhouse gas emissions,” Exxon Mobil said.

The company’s plan applies to Scope 1 emissions, which come directly from the company, and Scope 2 emissions from the production of power that Exxon purchases.

The New York Times noted that Exxon Mobil doesn’t include Scope 3 emissions, which come from energy use by drivers and other Exxon customers in addition to companies in Exxon’s supply chain.