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ExxonMobil considering net-zero pledge

Reuters reports that oil major ExxonMobil is considering whether to commit to achieving net-zero carbon emissions by 2050.

The Reuters report is based on information from two people acquainted with the subject. The Wall Street Journal has also reported this, but it points out that a final decision is yet to be made.

Like many oil majors, the company has set targets to lower its carbon footprint, but it has, so far, not followed European majors like Shell, BP and Total in committing to making its operations, such as oil and lubricant production, net-zero sources of carbon emissions. It has also not followed BP and Shell in counting the emissions from its sold products.

ExxonMobil currently has a plan in place for 2025 that will see its oil and gas business reduce its carbon emissions by 30%. It also recently linked up with some other leading oil firms to establish goals for cutting the emission of greenhouse gasses in relation to production volume.

The company refused to confirm or deny the report, saying board deliberations were a private matter. It did, however, reaffirm the company’s commitment to developing technology that will facilitate a net-zero future and help decarbonise sectors with high levels of emissions, adding:

“Throughout our engagement process with shareholders, we have heard clearly their interest in our work in this area and affirm our commitment.”

Darren Woods, the company’s CEO, did say recently that the new directors at ExxonMobil had started reviewing its various businesses in depth, with a view towards how it could navigate the energy transition.

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