Sabrina Valle

HOUSTON (Reuters). Exxon Mobil Corp (NYSE 🙂 pledged Tuesday to eliminate its net carbon emissions worldwide by 2050. It is now ahead of its competitors who have reduced their carbon footprint.

Exxon’s 2050 plan, first mulled last year https://www.reuters.com/business/sustainable-business/exxon-considers-pledging-net-zero-carbon-emissions-by-2050-wsj-2021-08-05, covers emissions from its oil, gas, and chemical production and from the power those operations consume, so-called scope 1 and 2 targets. Exxon did not make any commitment to reduce emissions by consumers who use those products.

Exxon chief executive officer Darren Woods stated in a statement that “We are creating comprehensive roadmaps for reducing greenhouse gas emissions from all of our assets around the globe.”

According to him, the company was working with its partners to attain similar emission-reduction results in properties that Exxon doesn’t manage.

Last year, Exxon’s shareholders fired three directors. A hedge fund pressed the oil company to improve its return and be better prepared for the future.

The U.S. has been slower than many European counterparts to adopt the Paris climate agreements goals for reducing global warming-related emissions. BP (NYSE) Plc, Royal Dutch Shell Plc (LON:] Plc) have both pledged to reduce emissions from products and fuels sold to consumers. This is the so-called scope 3.

Exxon has taken a leap ahead of its American rivals with their new pledge Chevron Corp (NYSE:), which last October https://www.reuters.com/business/sustainable-business/chevron-commits-net-zero-emissions-by-2050-2021-10-11 pledged to bring emissions from its upstream operations to zero by 2050 and lower the intensity of emissions elsewhere.

Exxon announced in November that it will increase its spending for projects aimed at reducing carbon emissions by $15 billion until 2027. It includes technologies such as carbon capture, storage, hydrogen power, biofuels, from alga, that are not yet commercially available.

In December, it pledged to achieve net-zero https://www.reuters.com/markets/commodities/exxon-mobil-achieve-net-zero-ghg-emissions-permian-operations-by-2030-2021-12-06 greenhouse gas emissions in its operations in the U.S. Permian Basin by 2030.

European oil producers are leading the transition to renewable energy. They plan to reduce their oil production slowly and replace it with solar and wind power. Exxon and Chevron will increase their oil production in the next decade. This is supported by global estimates of rising oil demand.