Exxon Promises to Cut Greenhouse-Gas Emissions, End Flaring by 2030
14 Décembre 2020 - 4:27PM
Dow Jones News
By Christopher M. Matthews
Exxon Mobil Corp. pledged to reduce the greenhouse-gas emissions
from its operations over the next five years and eliminate the
"routine flaring" of methane by 2030 as it responds to pressure
from activists and investors to reduce its carbon footprint.
The Texas oil giant said Monday that it would cut the
"intensity" of emissions from its oil and gas production by 15% to
20%, reduce its methane emissions intensity by 40% to 50%, and cut
its flaring intensity by 35% to 45%. It didn't provide hard numbers
on exactly how much of total emissions those reductions would
represent.
The company also said it would end routine flaring, or venting,
of methane from its oil and gas operations by the end of the next
decade. Methane is a potent greenhouse gas that, like carbon
dioxide, is a contributor to climate change, according to the
Environmental Protection Agency.
The targets are related to emissions that come directly from
Exxon's operations and not from its products, like gasoline and jet
fuel. Exxon said it would begin disclosing emissions data related
to its products next year.
"We respect and support society's ambition to achieve net zero
emissions by 2050, and continue to advocate for policies that
promote cost-effective, market-based solutions to address the risks
of climate change," Exxon Chief Executive Darren Woods said.
Exxon said the targets are consistent with the Paris climate
accord, which the company says it supports.
Last week, a newcomer activist investor launched a proxy fight
against Exxon, arguing the beleaguered energy giant needs to act
faster to remake itself and invest in clean energy.
Engine No. 1, an investment firm with a sustainability bent,
said in a letter sent to Exxon that it needs to explore significant
investment in clean energy to help the company profitably ensure it
can commit to emission-reduction targets. The letter, which also
argued for cost-cutting measures and other changes, identifies four
people the firm plans to nominate to Exxon's 10-person board.
Exxon has previously declined to comment on the letter.
Some of Exxon's largest investors have for years pushed it on
climate change-related issues. BlackRock Inc., in particular, has a
history of singling out Exxon for not moving quickly enough to
address climate risks, and it cited those concerns earlier this
year when it voted against two Exxon directors and in favor of
separating the chairman and CEO roles. The directors were elected
and the roles weren't separated.
Exxon said Monday it would also continue to factor environmental
performance into executive compensation and support putting a price
on carbon.
In 2018, Exxon set targets to reduce methane emissions by 15%
and reduce flaring by 25% from 2016 levels by the end of 2020. It
said it is on track to meet those targets.
Write to Christopher M. Matthews at
christopher.matthews@wsj.com
(END) Dow Jones Newswires
December 14, 2020 10:12 ET (15:12 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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