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NorthAmOil                                    COMMENTARY                                          NorthAmOil




       ExxonMobil unveils net-zero goal







       ExxonMobil has announced that it will aim to achieve net-zero GHG emissions on a

       Scope 1 and 2 basis by 2050, joining a growing list of oil companies pursuing net zero



        GLOBAL           EXXONMOBIL announced this week that it  the US by 2030. That announcement was part of
                         would pursue an “ambition” to achieve net-zero  a series of moves the company unveiled at the
       WHAT:             greenhouse gas (GHG) emissions from its oper-  time in pursuit of more ambitious decarbon-
       ExxonMobil has unveiled   ated assets by 2050.         isation goals compared with what it had been
       an “ambition” to pursue   The move represents a significant step for the  aiming for previously.
       net-zero GHG emissions   super-major, which previously avoided com-  Now, ExxonMobil is taking its decarbonisa-
       across its operated   mitting to net zero on the basis that it had no  tion plans further still. The latest announcement
       assets by 2050.   realistic plan for achieving such a goal. However,  comes less than a year after the super-major saw
                         the target falls short of more aggressive net-zero  three nominees of activist hedge fund Engine
       WHY:              commitments set out by European super-ma-  No. 1 gain seats on its 12-seat board of direc-
       The super-major has   jors such as Royal Dutch Shell and BP.  tors. Engine No. 1 wants ExxonMobil to take
       been under mounting                                    a tougher line on decarbonisation on the basis
       pressure from investors,   New targets                 that it would be a more profitable strategy
       among others, to pursue   In a January 18 statement, ExxonMobil said its  than focusing predominantly on fossil fuel
       decarbonisation more   approach would centre on Scope 1 and 2 emis-  production.
       aggressively.     sions – respectively those stemming directly   Andrew Logan, a senior director of oil and
                         from its operations and indirectly from energy  gas at Ceres, which co-ordinates investor action
       WHAT NEXT:        used to power those operations. Scope 3 emis-  on climate change, was quoted by the Financial
       The company will develop   sions – those resulting from the end-use of Exx-  Times as saying ExxonMobil’s announcement
       roadmaps for reducing   onMobil’s products by its customers – are not  was the “clearest evidence yet” that the new
       emissions from its   included in the plan.             directors were having a “tangible impact”. He
       operations globally.  The plan builds on ExxonMobil’s announce-  added, though, that the company still needed a
                         ment in December that it would pursue net-zero  “more ambitious strategy” if it was to be a leader
                         emissions from its Permian Basin operations in  on climate issues.











































       P4                                       www. NEWSBASE .com                        Week 03   20•January•2022
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