Energy Efficiency, GHG Emissions, Industrial - January 18, 2022
ExxonMobil Sets Net Zero Goal of 2050
ExxonMobil announced its goal to achieve net zero GHG emissions for operated assets by 2050 and its initial steps include investing more than $15 billion by 2027 on lower emission initiatives.
The net zero goal applies to Scope 1 and Scope 2 GHG emissions and builds on ExxonMobil’s 2030 emission-reduction plans, which include net zero emissions for Permian Basin operations and ongoing investments in lower-emission solutions, including carbon capture and storage, hydrogen, and biofuels.
“ExxonMobil is committed to playing a leading role in the energy transition, and Advancing Climate Solutions articulates our deliberate approach to helping society reach a lower-emissions future,” said Darren Woods, chairman and CEO in a statement. “We are developing comprehensive roadmaps to reduce greenhouse gas emissions from our operated assets around the world, and where we are not the operator, we are working with our partners to achieve similar emission-reduction results.”
To help reach net zero for operated assets by 2050, the company has identified more than 150 potential steps and modifications that can be applied to assets in its upstream, downstream, and chemical operations.
Initial actions already underway prioritize energy efficiency measures, methane mitigation, equipment upgrades, and the elimination of venting and routine flaring. Further high-impact reduction opportunities include power and steam co-generation and electrification of operations, using renewable or lower-emission power. The company expects to finalize detailed roadmaps that address approximately 90% of operations-related GHG emissions by the end of this year, and the remainder will be completed in 2023.
The statement also notes that ExxonMobil is also committed to helping customers reduce their greenhouse emissions by investing in carbon capture and storage, hydrogen and biofuels. Bio-based feed and plastic waste streams provide further opportunities for lowering greenhouse gas emissions.