ExxonMobil plans 20% emissions reduction by 2025
ExxonMobil has announced plans to reduce greenhouse gas emissions from its upstream operations by 15 percent to 20 percent in the next five years to support the Paris Agreement climate change goals.
The oil giant said in a statement on Monday that it would reduce methane intensity by 40 percent to 50 percent and flaring intensity by 35 percent to 45 percent.
Its aim is also to establish industry-leading GHG performance across its businesses by 2030, by which year it would also eliminate routine natural gas flaring. In addition, it plans to provide Scope 3 emissions starting next year.
The Chairman and Chief Executive Officer of ExxonMobil Corporation, Darren Woods, said, “These meaningful near-term emission reductions result from our ongoing business planning process as we work towards industry-leading greenhouse gas performance across all our business lines.
“We respect and support society’s ambition to achieve net zero emissions by 2050.”
According to the statement Scope 1 consists of direct emissions from an organisation’s activities under their control, while Scope 2 are indirect emissions from electricity that it uses. Scope 3 are all other indirect emissions from sources that an organization does not own or control.
ExxonMobil anticipates meeting by year-end 2020 its climate-change goals set in 2018, which included a 15 percent decrease in methane emissions and a 25 percent reduction in flaring, compared to 2016 levels, the company said.
ExxonMobil, as well as a large number of publicly traded upstream producers, have established firm emissions and other climate-change goals over the past couple of years as the world gradually reduces its fossil fuel usage and steps up mitigation measures for any damaging impacts of those fuels.
