Exxon Mobil has announced plans for further reductions in greenhouse gas emissions over the next five years to support the goals of the Paris Agreement and anticipates meeting year-end 2020 reductions.
Exxon Mobil has announced plans for further reductions in greenhouse gas emissions over the next five years to support the goals of the Paris Agreement and anticipates meeting year-end 2020 reductions.
The company plans to reduce the intensity of operated upstream greenhouse gas emissions by 15 to 20% by 2025, compared to 2016 levels. This will be supported by a 40 to 50% decrease in methane intensity, and a 35 to 45% decrease in flaring intensity across its global operations. The emission reduction plans, which cover Scope 1 and Scope 2 emissions from operated assets, are projected to be consistent with the goals of the Paris Agreement. The company also plans to align with the World Bank’s initiative to eliminate routine flaring by 2030.
‘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,’ said Darren Woods, chairman and chief executive officer of Exxon Mobil.
ExxonMobil’s plans will leverage the continued application of operational efficiencies, and development and deployment of lower-emission technologies.
Other measures include: investments in lower-emission technologies, such as carbon capture, manufacturing efficiencies, and advanced biofuels; increased cogeneration capacity at manufacturing facilities; support for ‘sound policies’ that put a price on carbon; accounting for environmental performance as part of executive compensation.
As from this year ExxonMobil will also provide Scope 3 emissions on an annual basis.
Since 2000, the company said that it had 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.
In 2018, ExxonMobil announced plans to achieve by year-end 2020, a 15% decrease in methane emissions and 25% cut in flaring, compared with 2016 levels. At the time of writing, the company said it anticipated meeting both by the end of 2020.
