ExxonMobil outlines plan to achieve net zero carbon emissions by 2050

ExxonMobil announced plans to achieve net zero greenhouse gas emissions for operated assets by 2050.

The plan is outlined in the company’s Advancing Climate Solutions – 2022 Progress Report. The net-zero goal applies to Scope 1 and Scope 2 greenhouse gas emissions and builds on ExxonMobil’s 2030 emission-reduction plans, including net-zero emissions for Permian Basin operations and ongoing investments in lower-emission solutions, including carbon capture and storage, hydrogen, and biofuels.

“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,” ExxonMobil Chairman and CEO Darren Woods said. “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.”

The report outlines how its short- and medium-term business plans are adjustable to developments in policy and technology. It also uses signposts and leading indicators to evaluate the need for any changes in future years. It adds that sound government policies will accelerate the deployment of key technologies at the pace and scale required to support a net-zero future.

Further, ExxonMobil is committed to helping customers reduce their greenhouse emissions by investing in carbon capture and storage, hydrogen, and biofuels. Bio-based feed and plastic waste streams provide further opportunities for lowering greenhouse gas emissions.

“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.”

Overall, the company identified more than 150 potential steps and modifications to meet its goals. Initial actions already underway prioritize energy efficiency measures, methane mitigation, equipment upgrades, and the elimination of venting and routine flaring. Also, the company plans to invest more than $15 billion by 2027 on lower-emission initiatives.

The full report — Advancing Climate Solutions – 2022 Progress Report — is available online at exxonmobil.com.