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AfrElec NET ZERO AfrElec

ExxonMobil aims to

achieve net zero by 2050

GLOBAL EXXONMOBIL aims to cut net carbon emis- plans to reduce emissions from fuels and from
sions from its operations to zero by 2050, joining products sold to consumers, known as Scope 3
rival energy companies in making similar prom- targets.
ises to reach net zero. “Exxon’s lack of a Scope 3 target reflects a
The company said on January 18 that its 2050 strategy that may leave it behind the curve in
targets would cover Scope 1 and Scope 2 emis- growing clean energy sectors,” said Will Scargill,
sions, which are generated by its oil, gas, and managing energy analyst at GlobalData, Reuters
chemical production and from the power those reported.
operations consume. At its 2021 AGM, the company’s share-
“We are developing comprehensive road- holders removed three ExxonMobil directors
maps to reduce greenhouse gas [GHG] emis- and replaced them with candidates that would
sions from our operated assets around the be more focused on preparing the firm for a
world,” Exxon CEO Darren Woods said in a low-carbon world.
statement. Exxon and Chevron plan to increase pro-
“ExxonMobil is committed to playing a lead- duction this decade, supported by estimates that
ing role in the energy transition, and Advancing global demand will rise. Chevron last October
Climate Solutions articulates our deliberate pledged to bring emissions from its upstream
approach to helping society reach a lower-emis- operations to zero by 2050 and lower the inten-
sions future,” he added. sity of emissions elsewhere.
The company first began talking about zero Exxon is in line with the Oil and Gas Climate
targets in 2021, and has already earmarked Initiative (OGCI), an industry group promis-
$15bn to invest in emissions initiatives over the ing to reduce the carbon-emissions intensity
next six years. per unit of output. Exxon aims to reduce car-
The net-zero aspirations were outlined in the bon intensity over time by controlling methane
company’s Advancing Climate Solutions 2022 leaks, updating equipment and electrification of
Progress Report, which builds upon previously its production operations, Woods said.
announced emissions-reduction initiatives. However, ExxonMobil’s desire to raise fossil
The company has made a serious of emis- fuel production puts it at odds with other energy
sions-related statements in recent months. majors, which have been leading the energy
In December, it pledged to achieve net-zero transition with plans to slowly reduce oil produc-
GHG emissions at its operations in the US Per- tion and add renewable wind and solar power to
mian Basin shale field by 2030 and was the high- their portfolios.
est bidder in a US offshore auction of properties ExxonMobil said it would now increase
for a potential GHG sequestration hub. spending on projects dedicated to lower-carbon
ExxonMobil has set the target following sim- emissions, even though it is aims to raise oil and
ilar pledges from other oil companies to fall into gas output.
line with global emissions targets and the Paris The company said it would invest in new
climate goals. technologies that are technically feasible but
However, ExxonMobil’s target only so far currently not commercial, such as carbon cap-
extends to Scope 1 and Scope 2. Other energy ture and storage (CCS), hydrogen and biofuels
companies such as BP, Occidental Petroleum, from algae.™
Eni and Royal Dutch Shell have also announced

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