Exxon Mobil Corp, the American oil and gas giant, announced on Tuesday its ambition to reach net-zero emission from its global operations by 2050, catching up with competitors that are reducing their carbon footprints.
Exxon began mulling over the 2050 plan last year, which covers emissions from oil, gas, and chemical production, as well as the power consumed by those operations, known as scope 1 and 2 targets. On the other hand, emissions generated by users, so-called scope 3 targets, are excluded from the plan.
Exxon CEO Darren Woods said in a statement that the company is developing comprehensive blueprints to minimize greenhouse gas emissions from its operational properties around the world. And it’s also working with its partners to achieve similar emission-reduction results.
Many European oil companies have embraced the Paris climate agreement goals of cutting emissions, but their American counterparts have lagged behind. BP Plc and Royal Dutch Shell Plc have both committed to reducing emissions from consumer-sold fuels and products, which is the scope 3 targets.
Exxon announced in November that it would spend $15 billion on projects aimed at reducing carbon emissions by 2027. This involves developing technologies that are not commercialized yet, such as carbon capture and storage, hydrogen power, and algae-based biofuels. The oil company then vowed in December to achieve net-zero greenhouse gas emissions in its Permian Basin activities by 2030.
European oil producers have been in the forefront of the energy transition, with plans to gradually reduce oil output and replace it with renewable energy sources such as wind and solar. On the contrary, Exxon and its US rival Chevron intend to increase oil production over the next decade, based on estimations that global oil consumption will rise.