In a news release on Monday, Exxon Mobil described its plans to reduce the intensity of operated upstream greenhouse gas emissions by 15 to 20 percent by 2025, compared to 2016 levels.
This will be supported by a 40 to 50 percent decrease in methane intensity and a 35 to 45 percent decrease in flaring intensity across its global operations, and are consistent with the goals of the Paris Climate Agreement.
The oil giant also plans to align its plans to go along with the World Bank’s initiative that strives for “Zero Routine Flaring by 2030.”
Since the 2015 Paris climate set a goal of keeping global warming to well below 2 degrees Celsius, shareholders and particularly – investors – have become more vocal in pushing for Exxon to agree to ambitious targets in line with reducing greenhouse gas emissions.
“We certainly recognize the direction of travel that Paris sets out and the ambitions for society to get to net-zero as early as possible before the end of the century,” said Pete Trelenberg, ExxonMobil director of greenhouse gas and climate change, during a news conference on Monday, reports Reuters.
“What we have tried to do is to develop specific actionable plans that we can hold our organization accountable to drive continuous improvement in emissions.”
Exxon also revealed it is putting into place additional measures that will refine its efficiencies and ongoing development and deployment of lower-emission technologies. They include:
1. Reporting its Scope 3 emissions, the indirect emissions coming from the use of its products.
2. Continued investments in lower-emission technologies, such as carbon capture, manufacturing efficiencies, and advanced biofuels.
3, Increased cogeneration capacity at manufacturing facilities.
4. Continued support for sound policies that put a price on carbon.
5. Continued accounting for environmental performance as part of executive compensation.
Additional goals would be set as the 2025 targets are met, Trelenberg said, according to the Washington Examiner.
