ExxonMobil has announced its ambition to reach net zero greenhouse gas emissions for Scope 1 and 2 emissions by 2050 in its Advancing Climate Solutions 2022 report.
This is the first company-wide net zero target the US supermajor has set since announcing plans to reach net zero emissions in the Permian basin by 2030.
The company will also develop detailed emissions-reduction roadmaps for its major facilities and assets making up 90% of operations-related greenhouse gas emissions by the end of this year, with the remainder addressed in 2023.
“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 chief executive Darren Woods.
“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.”
Some initial steps highlighted in the report include prioritising energy efficiency measures, methane mitigation, equipment upgrades, and the elimination of venting and routine flaring.
The company said it continues to support a price on carbon to establish market incentives and encourage investments in lower-emissions technologies, along with other “sound government policies” that can accelerate the deployment of key technologies, such as carbon capture, biofuels, and hydrogen.
“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.
“We will create shareholder value by adjusting investments between our existing low-cost portfolio and new lower-emission business opportunities to match the pace of the energy transition,” he added.