ExxonMobil Announces Emission Reduction Plans; Expects to Meet 2020 Goals
- Greenhouse gas plans consistent with goals of Paris Agreement
- Sets 2025 greenhouse gas emission reduction plan: intensity of upstream emissions to drop by 15-20%; methane intensity by 40-50%; flaring intensity by 35-45%
- Aims for industry-leading greenhouse gas performance across its businesses by 2030
- Plans to eliminate routine flaring by 2030; provide Scope 3 emissions beginning in 2021
- Anticipates meeting 2020 methane and flaring reductions
“These meaningful near-term emission reductions result from our ongoing business planning process as we work towards industry-leading greenhouse gas performance across all our business lines,” said
ExxonMobil’s plans will leverage the continued application of operational efficiencies, and ongoing development and deployment of lower-emission technologies.
The plan is the result of several months of detailed analysis and includes input from shareholders.
Other measures include:
- Continued investments in lower-emission technologies, such as carbon capture, manufacturing efficiencies, and advanced biofuels
- Increased cogeneration capacity at manufacturing facilities
- Continued support for sound policies that put a price on carbon
- Continued accounting for environmental performance as part of executive compensation.
Since 2000, the company has invested more than
The company has supported the Paris Agreement from its inception and continues to support
The company supported the Oil and Gas Climate Initiative’s announcement to reduce methane and carbon intensity for upstream operations. It also deployed new technologies throughout its operations to reduce flaring and methane emissions, while working to test new technologies to detect and measure fugitive emissions.
Statements of future events, goals or conditions in this release are forward-looking statements. Actual future results, including project plans and timing, future reductions in emissions and emissions intensity, and the impact of operational and technology efforts could vary depending on the ability to execute operational objectives on a timely and successful basis; changes in laws and regulations including international treaties and laws and regulations regarding greenhouse gas emissions and carbon costs; trade patterns and the development and enforcement of local, national and regional mandates; unforeseen technical or operational difficulties; the outcome of research efforts and future technology developments, including the ability to scale projects and technologies on a commercially competitive basis; changes in supply and demand and other market factors affecting future prices of oil, gas, and petrochemical products; changes in the relative energy mix across activities and geographies; the actions of competitors; changes in regional and global economic growth rates and consumer preferences; the pace of regional and global recovery from the COVID-19 pandemic and actions taken by governments and consumers resulting from the pandemic; changes in population growth, economic development or migration patterns; and other factors discussed in this release and in Item 1A. “Risk Factors” in ExxonMobil’s Annual Report on Form 10-K for 2019 and subsequent Quarterly Reports on Forms 10-Q, as well as under the heading “Factors Affecting Future Results” on the Investors page of ExxonMobil’s website at www.exxonmobil.com.