ExxonMobil said Monday it plans further reductions in greenhouse gas emissions over the next five years to support the goals of the international climate change treaty known as the Paris Agreement, and anticipates meeting year-end 2020 reductions.
ExxonMobil said it plans to reduce the intensity of operated upstream greenhouse gas emissions by 15% to 20% by 2025, compared to 2016 levels. This will be supported by a 40% to 50% decrease in methane intensity, and a 35% to 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.
“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,” Woods said.
ExxonMobil’s plans will leverage the continued application of operational efficiencies, and ongoing development and deployment of lower-emission technologies.
Since 2000, the company has invested more than $10 billion researching, developing and deploying lower-emission technologies, including nearly $3 billion at cogeneration facilities that more efficiently produce electricity and reduce related emissions.
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 expects to meet both by the end of the year. Detailed emissions performance is reported in annual publications, including the Energy and Carbon Summary.