ExxonMobil unveils new GHG emissions reduction targets

ExxonMobil has announced plans to increase spending to $15bn on greenhouse gas (GHG) emissions reduction projects over the next six years. The company also reports it is on track to meet its 2025 GHG emissions reduction plans by year-end 2021, four years ahead of schedule. In addition, it has developed more aggressive plans for further Scope 1 and Scope 2 reductions through 2030, consistent with Paris Agreement. 

ExxonMobil anticipates year-end 2021 results to show a reduction of 15–20% in GHG intensity from upstream operations compared to 2016 levels. It also expects a reduction of 40–50% in methane intensity and 35–45% in flaring intensity compared to 2016.

As a result, ExxonMobil has set more aggressive medium-term 2030 goals across its businesses, including a 20–30% reduction in corporate-wide GHG intensity, a 40–50% reduction in upstream GHG intensity, a 70–80% reduction in methane intensity, and a 60–70% reduction in flaring intensity. These new plans include actions that are expected to reduce absolute corporate-wide GHG emissions by approximately 20%.

The company has also reaffirmed it plans to achieve the goals of the World Bank for zero routine flaring no later than 2030.

ExxonMobil’s 2030 GHG emissions reduction plans cover Scope 1 and Scope 2 GHG emissions from assets operated by the company compared to 2016 levels. It says it will work with its equity partners and strive to achieve comparable results for assets not operated by ExxonMobil.

ExxonMobil GHG emissions reduction targets for 2030 include a 70–80% reduction in corporate-wide methane intensity
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