ExxonMobil plans to reduce the intensity of operated upstream greenhouse gas emissions by 15-20% by 2025, compared to 2016 levels
This will be supported by a 40-50% decrease in methane intensity, and a 35-45% decrease in flaring intensity across its global operations. The emission reduction plans, which cover Scope 1 and Scope 2 emissions from operated assets, are projected to be consistent with the goals of the Paris Agreement. The company also plans to align with the World Bank’s initiative to eliminate routine flaring by 2030.
“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,” said Darren Woods, chairman and CEO of ExxonMobil Corporation.
ExxonMobil’s plans will leverage the continued application of operational efficiencies, and ongoing development and deployment of lower-emission technologies. The plan is the result of several months of detailed analysis and includes input from shareholders.
Other measures include:
Continued investments in lower-emission technologies, such as carbon capture, manufacturing efficiencies, and advanced biofuels
Increased cogeneration capacity at manufacturing facilities
Continued support for sound policies that put a price on carbon
Continued accounting for environmental performance as part of executive compensation.
ExxonMobil will also provide Scope 3 emissions on an annual basis, but notes that reporting of these indirect emissions does not ultimately incentivize reductions by the actual emitters. Meaningful decreases in global greenhouse gas emissions will require changes in society’s energy choices coupled with the development and deployment of affordable lower-emission technologies.
In 2018, ExxonMobil announced plans to achieve by year-end 2020, a 15% decrease in methane emissions and a 25% reduction in flaring, compared with 2016 levels. The company anticipates meeting both by year end. Detailed emissions performance is reported in annual publications, including the Energy and Carbon Summary.
The company has supported the Paris Agreement from its inception and continues to support USA government participation in the framework. ExxonMobil assesses its business strategy and plans against a range of scenarios, including those that meet the objectives of the Paris Agreement, which assume progress in technologies, infrastructure and government policies related to climate change.
