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ExxonMobil announces emission reduction plans
ExxonMobil has unveiled plans for further reductions in greenhouse gas (GHG) emissions over the next five years to support the goals of the Paris Agreement.
The company plans to reduce the intensity of operated upstream GHG 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.
ExxonMobil says its plans will leverage the continued application of operational efficiencies, and ongoing development and deployment of lower emission technologies.
- 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 incentivise reductions by the actual emitters. Meaningful decreases in global GHG emissions will require changes in society’s energy choices coupled with the development and deployment of affordable lower emission technologies, it says.
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. It anticipates meeting both targets by year end.