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ExxonMobil this week announced its ambition to achieve net-zero greenhouse gas emissions from its operated assets by 2050. That goal applies to the company’s Scope 1 and Scope 2 GHG emissions.
“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,” said Darren Woods, chairman and CEO.
To help reach its 2050 goal, ExxonMobil has identified more than 150 potential steps and modifications that can be applied to assets in its upstream, downstream and chemical operations.
The company is also committed to helping customers reduce their GHG emissions by investing in carbon capture and storage, hydrogen and biofuels. Bio-based feed and plastic waste streams provide further opportunities for lowering emissions.
ExxonMobil’s Advancing Climate Solutions – 2022 Progress Report provides details of how the company’s business strategy is resilient when tested against a range of Paris-aligned net-zero scenarios, including the United Nations Intergovernmental Panel on Climate Change’s 2018 Special Report and the International Energy Agency’s Net Zero by 2050 scenario. The report also outlines how the company’s short- and medium-term business plans are adjustable to developments in policy and technology.
“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,” said Woods. “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.”
Initial actions already underway prioritize energy-efficiency measures, methane mitigation, equipment upgrades and the elimination of venting and routine flaring. Further high-impact reduction opportunities include power and steam co-generation and electrification of operations, using renewable or lower-emission power. The company expects to finalize detailed roadmaps that address approximately 90% of operations-related greenhouse gas emissions by the end of this year, and the remainder will be completed in 2023.
