GHG Emissions, Industrial - December 2, 2021
ExxonMobil to Spend $15 billion on GHG Emission Reduction Projects
ExxonMobil said it plans to increase spending to $15 billion on GHG emission-reduction projects over the next six years while adding more aggressive plans for Scope 1 and Scope 2 projects through 2030.
The lower-emission investments will include a balance between projects to reduce GHG emissions from existing operations and increased investments in the Low Carbon Solutions business. The same capabilities, technical strengths, and market experience that support base energy and chemical businesses will help drive commercial growth opportunities for carbon capture and storage, biofuels, and hydrogen.
ExxonMobil is on track to exceed its 2025 GHG emission-reduction plans announced in December 2020. The company anticipates the end of 2021 results to show a reduction of 15% to 20% in GHG intensity from upstream operations compared to 2016 levels, four years ahead of schedule. This is supported by an anticipated reduction of 40% to 50% in methane intensity and 35% to 45% in flaring intensity compared to 2016.
“The focused actions we have taken have enabled us to accelerate greenhouse gas reductions particularly in the areas of methane and flaring,” said CEO Darren Woods in a statement. “We anticipate meeting our 2025 greenhouse gas emission-reduction plans ahead of schedule, which gives us confidence to set more aggressive medium-term goals across all of our businesses.”
The new medium-term GHG reduction plans for 2030 are consistent with Paris Agreement-aligned pathways and include the following:
- 20-30% reduction in corporate-wide intensity
- 40-50% reduction in upstream intensity
- 70-80% reduction in corporate-wide methane intensity
- 60-70% reduction in corporate-wide flaring intensity
These new plans include actions that are expected to reduce absolute corporate-wide GHG emissions by approximately 20%. The company also reaffirms its plans to achieve the goals of the World Bank for zero routine flaring no later than 2030.
ExxonMobil’s 2030 GHG emission-reduction plans cover Scope 1 and Scope 2 GHG emissions from assets operated by the company compared to 2016 levels.
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