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Exxon Mobil Corp. pledged to reduce greenhouse gas emissions from its operations over the next five years and eliminate routine methane flaring by 2030, in response to pressure from activists and investors to reduce its carbon footprint.
| Ticker | Safety | Last | Change | Change% |
|---|---|---|---|---|
| XOM | EXXON MOBIL CORPORATION | 42.22 | -1.58 | -3.61% |
The Texas-based oil giant said Monday it would reduce the “intensity” of emissions from its oil and gas production by 15% to 20% by 2025. It did not provide hard figures on how much of the total emissions those reductions would represent.
EXXON MOBIL STEP BACK FROM PLAN TO INCREASE EXPENDITURE, PREPARATION TO REDUCE ASSETS BOOK VALUE
The company also said it would end the routine flaring or burning of methane from its oil and gas operations within the next 10 years. Methane is a powerful 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 methane flaring by 2030, following pressure from activists and investors to reduce its carbon footprint. Photographer: Calla
The targets relate to emissions directly from Exxon’s operations and not from its products such as gasoline and jet fuel. Exxon said it would release 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,” said Darren Woods, CEO of Exxon.
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The goals are beyond commitments by European colleagues, including BP PLC and Royal Dutch Shell PLC, to achieve net zero carbon emissions – efforts Mr Wood previously called a ‘beauty pageant’.
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