Exxon Mobil Corp. announced an “ambition” to eliminate a portion of its greenhouse gas emissions by 2050 in the oil giant’s first long-term pledge to curb carbon output. To learn more read, Exxon Plans to Zero Out Emissions from Operations by 2050.
- Over the next two years, Exxon will develop roadmaps for its crude refineries, chemical plants and other facilities to eliminate so-called Scope 1 and 2 emissions.
- The plan excludes carbon spewed when customers use Exxon products such as gasoline and jet fuel, or Scope 3 emissions that comprise the bulk of oil-industry pollution.
- Although Exxon’s pledge falls short of those made by European peers like Royal Dutch Shell Plc and BP Plc, it’s a major step for the largest Western oil explorer.
Path to 100% Perspective:
Large energy companies have seen the value and opportunity in developing their own decarbonization strategies. They are joining the race to renewables using their name recognition, influence in the energy sector and budgets to spur more competition to the benefit of those striving for a renewable energy future.
Exxon and other mass producers of carbon emissions have an important role to play in decarbonization. Making infrastructure and technology investments now, while keeping future flexibility in mind, will help reduce greenhouse emissions in the long run.