- Comprehensive approach centered on detailed Scope 1 and Scope 2
emission-reduction roadmaps for major operated assets
- Ambition supported by 2030 emission-reduction plans, including
net-zero plans for Permian Basin operations
- Company strategy tested for resiliency against a range of
net-zero scenarios, including IPCC and IEA
ExxonMobil today announced its ambition to achieve net zero
greenhouse gas emissions for operated assets by 2050, backed by a
comprehensive approach to develop detailed emission-reduction
roadmaps for major facilities and assets.
The net-zero ambition is contained in the company’s Advancing
Climate Solutions - 2022 Progress Report, formerly known as the
Energy & Carbon Summary. The net-zero aspiration applies to
Scope 1 and Scope 2 greenhouse gas 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 in which it has extensive experience,
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 chief executive officer.
“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.”
The report provides details of how ExxonMobil’s business
strategy is resilient when tested against a range of Paris-aligned
net-zero scenarios, including the United Nations Intergovernmental
Panel on Climate Change’s 2018 Special Report and the International
Energy Agency’s Net Zero by 2050 scenario.
ExxonMobil’s Outlook for Energy, which is based on current
policy and technology trends, continues to be the basis for the
company’s business plans and investment decisions. In the Advancing
Climate Solutions report, the company outlines how its short- and
medium-term business plans are adjustable to developments in policy
and technology and how it uses signposts and leading indicators to
evaluate the need for any changes in future years.
Sound government policies will accelerate the deployment of key
technologies at the pace and scale required to support a net-zero
future. ExxonMobil continues to support an explicit price on carbon
to establish market incentives and encourage investments in
lower-emissions technologies.
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.
“As we invest in these important technologies, we will advocate
for well-designed, high-impact policies that can accelerate the
deployment of market-based, cost-effective solutions,” said Woods.
“We believe our strategy is unique among industry and enables us to
succeed across multiple scenarios. We will create shareholder value
by adjusting investments between our existing low-cost portfolio
and new lower-emission business opportunities to match the pace of
the energy transition.”
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 greenhouse gas
emissions by the end of this year, and the remainder will be
completed in 2023.
Initial steps to achieve net zero by 2050 are included in the
company’s plans to invest more than $15 billion by 2027 on
lower-emission initiatives. Policies further accelerating the
development and deployment of lower-emission technologies could
provide ExxonMobil with additional investment opportunities.
Advancing Climate Solutions - 2022 Progress Report is available
online at exxonmobil.com. The report expands on the company’s 2030
greenhouse gas emission-reduction plans, which are consistent with
Paris-aligned pathways, the U.S. and European Union’s Global
Methane Pledge and the U.S. Methane Emissions Reduction Action
Plan. Compared to emission levels in 2016, the time of the Paris
Agreement, the 2030 plans include a 20-30% reduction in
corporate-wide greenhouse gas intensity, which includes 40-50%
reduction in upstream greenhouse gas intensity, 70-80% reduction in
corporate-wide methane intensity, and 60-70% reduction in
corporate-wide flaring intensity.
The 2030 emission-reduction plans are expected to achieve World
Bank Zero Routine Flaring by 2030 and reduce absolute greenhouse
gas emissions by an estimated 30% for the company’s upstream
business and 20% for the entire corporation. Similarly, absolute
flaring and methane emissions are expected to decrease by 60% and
70%, respectively by 2030.
ExxonMobil has regularly updated emission-reduction plans as
technologies and policies have evolved and will continue to do so.
When final data is collected and analyzed, the company expects to
report it achieved its 2025 emission-reduction plans as of year-end
2021, including a 15-20% reduction in greenhouse gas intensity for
its upstream operations, compared to 2016 levels.
ExxonMobil’s strategy is outlined in Advancing Climate Solutions
and leverages its advantages in scale, integration, technology and
people to build globally competitive businesses that lead industry
in earnings and cash flow growth across a broad range of future
scenarios.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international
energy companies, uses technology and innovation to help meet the
world’s growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is one of the largest refiners and
marketers of petroleum products, and its chemical company is one of
the largest in the world. To learn more, visit exxonmobil.com, the
Energy Factor and Carbon capture and storage | ExxonMobil.
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Cautionary Statement
CAUTIONARY STATEMENT RELEVANT TO FORWARD LOOKING INFORMATION FOR
THE PURPOSE OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995
Statements of future aims, ambitions, plans, events or
conditions in this press release, including projections, plans to
reduce emissions and emissions intensity, sensitivity analyses,
expectations, estimates, the development of future technologies,
and business plans, are forward-looking statements. Actual future
results, including the achievement of ambitions to reach Scope 1
and Scope 2 net zero from operated assets by 2050, to reach Scope 1
and 2 net zero in Upstream Permian Basin operated assets by 2030,
to eliminate routine flaring in-line with World Bank Zero Routine
Flaring, to reduce methane emissions, to meet its emission
reduction, divestment and start-up plans, and associated project
plans could vary depending on the ability to execute operational
objectives on a timely and successful basis; changes in laws and
regulations including international treaties and laws and
regulations regarding greenhouse gas emissions and carbon costs;
government incentives; trade patterns and the development and
enforcement of local, national and regional mandates; unforeseen
technical or operational difficulties; the outcome of research
efforts and future technology developments, including the ability
to scale projects and technologies on a commercially competitive
basis; changes in supply and demand and other market factors
affecting future prices of oil, gas, petrochemical and future
product offerings; changes in the relative energy mix across
activities and geographies; changes in regional and global economic
growth rates and consumer preferences; the pace of regional and
global recovery from the COVID-19 pandemic and actions taken by
governments and consumers resulting from the pandemic; changes in
population growth, economic development or migration patterns;
military build-ups or conflicts; and other factors discussed in
this release and in Item 1A. “Risk Factors” in ExxonMobil’s Annual
Report on Form 10-K for 2020 and subsequent Quarterly Reports on
Forms 10-Q, as well as under the heading “Factors Affecting Future
Results” on the Investors page of ExxonMobil’s website at
www.exxonmobil.com. We do not undertake to provide any updates or
changes to any forward-looking statements in this press
release.
The reference to any scenario, including any potential net zero
scenario, does not imply ExxonMobil views any particular scenario
as likely to occur. In addition, energy demand scenarios require
assumptions on a variety of parameters. As such, the outcome of any
given scenario using an energy demand model comes with a high
degree of uncertainty. Third-party scenarios discussed in this
press release reflect the modeling assumptions and outputs of their
respective authors, not ExxonMobil, and their use or inclusion
herein is not an endorsement by ExxonMobil of their underlying
assumptions, likelihood or probability. Any reference to
ExxonMobil’s support of a third-party organization within this
press release does not constitute or imply an endorsement by
ExxonMobil of any or all of the positions or activities of such
organization. The term “project” as used in this press release can
refer to a variety of different activities and does not necessarily
have the same meaning as in any government payment transparency
reports.
Exxon Mobil Corporation has numerous affiliates, many with names
that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For
convenience and simplicity, those terms and terms such as
Corporation, company, our, we, and its are sometimes used as
abbreviated references to one or more specific affiliates or
affiliate groups. Abbreviated references describing global or
regional operational organizations, and global or regional business
lines are also sometimes used for convenience and simplicity.
Nothing contained herein is intended to override the corporate
separateness of affiliated companies. Exxon Mobil Corporation’s
aims, ambitions and plans do not guarantee any action or future
performance by its affiliates or Exxon Mobil Corporation’s
responsibility for those affiliates’ actions and future
performance, each affiliate of which manages its own affairs.
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