Upstream

ExxonMobil commits $15B for low-carbon investments through 2027

ExxonMobil

ExxonMobil, the US oil major, announced this Wednesday it has finished its corporate plans for the next couple of years and has established a commitment of $15 billion investments for low-carbon solutions and further reducing its greenhouse gas emissions.

Firstly, the company reports a strong performance on its plans to reduce emissions. In fact, the company is on track to meet its 2025 GHG goals by year-end, four years ahead of schedule. As a result, it has developed more aggressive plans for further Scope 1 and Scope 2 reductions through 2030; consistent with Paris Agreement pathways.

Moreover, the $15 billion investment through 2027 would include a balance between projects to reduce emissions from existing operations while also increasing investments in the company’s Low Carbon Solutions venture. Exxon aims to strengthen its businesses to drive commercial growth opportunities in carbon capture and storage, biofuels, and hydrogen.

Furthermore, regarding Exxon’s emissions goals, the company anticipates year-end 2021 results to show a reduction of 15-20% in greenhouse gas intensity. Specifically, from Upstream operations compared to 2016 levels, four years ahead of schedule. This increase supports a reduction of 40-50% in methane intensity and 35-45% in flaring intensity compared to 2016.

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ExxonMobil to further reduce flaring and methane intensity coporate-wide

Darren Woods, the CEO, said about the matter. “We anticipate meeting our 2025 greenhouse gas emission-reduction plans ahead of schedule, which gives us the confidence to set more aggressive medium-term goals across all of our businesses.”

As a result, the company’s new goals include 20 to 30% reduction in corporate-wide intensity; 40 to 50% reduction in upstream intensity; 70 to 80% reduction in corporate-wide methane intensity; and also in 60 to 70% reduction in flaring intensity.

In addition, the new plans also include actions that would reduce absolute corporate-wide greenhouse gas emissions by approximately 20%.

Finally, ExxonMobil posted a reaffirmed commitment to achieve the goals of the World Bank for zero routine flarings no later than 2030.

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