ExxonMobil announces net-zero plan

Oft seen as a laggard among the oil majors, ExxonMobil has finally announced an ambition to achieve net-zero greenhouse gas emissions for operated assets by 2050, although full details are yet to be revealed.

Initial steps to achieve net-zero are included in a $15bn investment by 2027 on lower-emission initiatives, with the net-zero aspiration applying to Scope 1 and Scope 2 greenhouse gas emissions. The target 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.

However, ExxonMobil’s Outlook for Energy, which is based on current policy and technology trends, will continue to be the basis for the company’s business plans and investment decisions. In the Advancing Climate Solutions report, the company outlines how its short- and medium-term business plans are adjustable to developments in policy and technology and how it uses signposts and leading indicators to evaluate the need for any changes in future years.

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. Initial actions already underway prioritise 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 company expects to finalise detailed roadmaps that address approximately 90 per cent of operations-related greenhouse gas emissions by the end of this year, and the remainder will be completed in 2023.

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