Exxon Mobil pledges to drastically reduce GHG emissions by 2025

By Nikita Chaurasia  | Date: 2020-12-16

Exxon Mobil pledges to drastically reduce GHG emissions by 2025

U.S.-based multinational oil and gas company, Exxon Mobil Corporation, under rising pressure from climate change activists and investors, has recently announced a new five-year plan to significantly reduce its carbon footprint.

The announcement comes along the heels of the changes demanded by Church Commissioners for England along with multiple investor groups targeting the company for financial underperformance as well as failing to address long-term clean fuel transition needs.

It is to be noted that Exxon’s rivals, including BP Plc and Royal Dutch Shell, have set long-term climate goals for achieving net zero greenhouse gas emissions by the year 2050. In view of this, the American oil & gas giant indicated that it is planning on reporting Scope 3 emissions discharged from its consumer products, primarily gasoline and jet fuel.

If sources are to be believed, the company’s five-year plan includes reducing the intensity of its oilfield greenhouse gas emissions by 15%-20% in contrast to those in 2016. This reduction will be aided by a 35%-45% decrease in flaring intensity and a 40%-50% decrease in methane intensity across all the company’s global operations.

Exxon claims that it is in compliance with the Paris climate accord held in 2015, that set goals of keeping global warming below 3.6 degrees Fahrenheit (2 degrees Celsius). Despite the United States’ exit from the accord under the Trump Administration, the company has continued to support the climate change initiative, cited credible sources.

Director of greenhouse gas & climate change at Exxon, Peter Trelenberg commented that the organization recognizes the ambition of the Paris accord to achieve net zero greenhouse gas emissions before the end of the century. In this context, the company will further set new goals once the targets for 2025 are met, he added.

Source credits –

https://in.reuters.com/article/us-exxon-mobil-carbon/exxon-mobil-under-pressure-on-climate-aims-to-cut-emissions-intensity-by-2025-idINKBN28O1TL

About Author

Nikita Chaurasia     aeresearch.net

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More >>

More News By Nikita Chaurasia

L&T Technology Services partners with Qualcomm to amplify 5G adoption

L&T Technology Services partners with Qualcomm to amplify 5G adoption

By Nikita Chaurasia

L&T Technology Services Limited has recently announced that it is teaming up with Qualcomm Technologies, Inc., the world’s leading wireless technology innovator. With the latest collaboration, the firm plans to offer end-to-end solutions...

PNAS, Straive partner to deliver end-to-end content production services

PNAS, Straive partner to deliver end-to-end content production services

By Nikita Chaurasia

Renowned U.S.-based nonprofit and non-governmental organization, NAS (National Academy of Sciences), has reportedly collaborated with Straive, one of the leading technology-driven solutions providers for Content, EdTech, and Data. With this acquis...

Japan pushes innovations in 'deep tech' sector with solar cell technology

Japan pushes innovations in 'deep tech' sector with solar cell technology

By Nikita Chaurasia

Amid the most promising next-generation solar cell technology innovations, Enecoat Technologies, a provider of materials development services in Japan, is reportedly developing perovskite. Following its completion, the Kyoto-located start-up expec...

GIC to acquire majority shares in opulent Sani/Ikos properties

GIC to acquire majority shares in opulent Sani/Ikos properties

By Nikita Chaurasia

Singapore's sovereign wealth fund, GIC has agreed to pay around $2.2 billion to buy a majority stake in Sani/Ikos Group, a Mediterranean luxury resort operator, marking the largest transaction in the European resort market since the Covid-19 pand...

Excelra, Patcore partner to offer enhanced digital insights to customers

Excelra, Patcore partner to offer enhanced digital insights to customers

By Nikita Chaurasia

Excelra, a data and analytics solutions provider, has recently announced its partnership with Patcore, Inc., to provide better access to its analytics products and scientific data for customers in Japan. For the unversed, Excelra is one of the top...