ExxonMobil Plans to Reach Net-Zero Emissions by 2050
Washington – ExxonMobil released a roadmap Tuesday that shows detailed plans to invest $15 billion to help the oil company achieve net-zero greenhouse gas emissions by 2050.
“ExxonMobil aims to achieve net-zero emissions from its operated assets by 2050 and is taking a comprehensive approach centered on developing detailed emission-reduction roadmaps for major operated assets,” the report said.
“The move to a lower-emission future requires multiple solutions that can be implemented at scale to address some of the highest-emitting sectors of the economy. This is where we are focused, leveraging our experience and long history of meeting vast complex challenges,” the report read.
According to the report, ExxonMobil is leveraging its “core capabilities to meet society’s needs for products essential for modern life, while addressing the challenge of climate change.”
The oil company said a successful move to the future it envisions will require devising a range of solutions designed to reduce emissions in areas of the company where those emissions are high.
There are more than half a dozen spheres that the oil giant will focus on to achieve its zero-emissions goal.
They include: locking in safety and reliability measures to lowering the intensity of greenhouse gas emissions, using aggressive management of costs and “capital efficiency” to develop and sustain lowest supply costs, championing cost-effective, market-based policies to fuel innovation and investment into measures that will result in the reduction of emission reductions, being agile and flexible enough to quickly respond to new technologies, policies and the evolution of markets and adjust investments and product offerings.