Oil Company announces ambition for net zero greenhouse gas emissions by 2050
ExxonMobil today announced its ambition to achieve net zero greenhouse gas emissions for operated assets by 2050, backed by a comprehensive approach to develop detailed emission-reduction roadmaps for major facilities and assets.
The net-zero ambition is contained in the company’s Advancing Climate Solutions – 2022 Progress Report, formerly known as the Energy & Carbon Summary. The net-zero aspiration applies to Scope 1 and Scope 2 greenhouse gas emissions and builds on ExxonMobil’s 2030 emission-reduction plans, which include net-zero emissions for Permian Basin operations and ongoing investments in lower-emission solutions in which it has extensive experience, including carbon capture and storage, hydrogen and biofuels.
“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. “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.”
The report provides details of how ExxonMobil’s business strategy is resilient when tested against a range of Paris-aligned net-zero scenarios, including the United Nations Intergovernmental Panel on Climate Change’s 2018 Special Report and the International Energy Agency’s Net Zero by 2050 scenario.
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