ExxonMobil, the largest American producer of crude oil, outlined its plan Tuesday to achieve net zero carbon emissions by 2050, improving upon previous goals.
The major oil producer identified more than 150 “potential steps” that will help it achieve net zero emissions on its operations within 30 years, the company announced. ExxonMobil will increase investments in carbon capture and storage technology, hydrogen and biofuels, and bio-based plastic waste streams.
“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,” ExxonMobil Chairman and CEO Darren Woods said in a statement.
“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,” Woods said.
The company’s first actions will amount to a more than $15 billion investment in lower-emission initiatives by 2027.
ExxonMobil said its plans are in line with the International Energy Agency’s (IEA) Net Zero Emissions by 2050scenario. In May 2021, the IEA released a framework that nations and corporations could transition to clean energy, curbing emissions.
“Our Roadmap shows the priority actions that are needed today to ensure the opportunity of net-zero emissions by 2050 – narrow but still achievable – is not lost,” IEA Executive Director Fatih Birol said after the report was published.
ExxonMobil previously released a plan to reduce emissions substantially by 2030. Overall, the plan would cut emissions by about 20% or 23 million metric tons and reduce methane intensity by 70-80% relative to 2016 levels by the end of the decade.
“As we invest in these important technologies, we will advocate for well-designed, high-impact policies that can accelerate the deployment of market-based, cost-effective solutions,” Woods said. “We believe our strategy is unique among industry and enables us to succeed across multiple scenarios.”
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