Exxon Mobil pledges to reduce greenhouse-gas emissions over next 5 years: WSJ
Texas-based oil giant makes move in response to pressure from activists, investors to lower carbon footprint
Exxon Mobil Corp. pledged to reduce greenhouse-gas emissions from its operations over the next five years and eliminate routine flaring of methane by 2030, responding to pressure from activists and investors to lower its carbon footprint.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XOM | EXXON MOBIL CORP. | 118.06 | +0.44 | +0.37% |
The Texas-based oil giant said Monday that it would cut the “intensity” of emissions from its oil-and-gas production by 15% to 20% by 2025. It didn’t provide hard numbers on exactly how much of total emissions those reductions would represent.
EXXON MOBIL STEPS BACK FROM PLAN TO INCREASE SPENDING, PREPARING TO SLASH ASSETS BOOK VALUE
The company also said it would end routine flaring, or burning, of methane from its oil-and-gas operations in the next 10 years. Methane is a potent greenhouse gas that, like carbon dioxide, contributes to climate change, according to the Environmental Protection Agency.
Exxon Mobil Corp. pledged to reduce greenhouse-gas emissions from its operations over the next five years and eliminate routine flaring of methane by 2030, after pressure from activists and investors to lower its carbon footprint. Photographer: Calla
The targets are related to emissions that come directly from Exxon’s operations and not from its products, like gasoline and jet fuel. Exxon said it would begin disclosing emissions data related to its products next year.
“We respect and support society’s ambition to achieve net zero emissions by 2050, and continue to advocate for policies that promote cost-effective, market-based solutions to address the risks of climate change,” Exxon Chief Executive Darren Woods said.
CLICK HERE TO READ MORE ON FOX BUSINESS
The targets stop short of pledges by European peers, including BP PLC and Royal Dutch Shell PLC, to reach net-zero carbon emissions—efforts Mr. Wood has previously called a “beauty competition.”
Click for more at WSJ.com