Exxon Mobil Promises Net-Zero Emissions For The Permian, But It’s Unsure Footing On The Climate Path.

Exxon Mobil Promises Net-Zero Emissions For The Permian, But It’s Unsure Footing On The Climate Path.

Oil refinery, owned by Exxon Mobil, is second largest in USA in 2020 in Baton Rouge, Louisiana, ... [+] United States. On December 6, Exxon Mobil announced its oil and gas operations in the Permian basin would aim at net-zero emissions by 2030. What does this mean exactly? Many countries and companies have adopted the Paris-inspired goal of net-zero GHG emissions by 2050. Net-zero isn't the same as actual zero. Net-zero means leftover GHG emissions must be removed from the air (called direct-air-capture) or collected before release into the air and burying them deep underground (called carbon capture and storage or CCS). Net-zero is an escape hatch because actual zero would be impossible to achieve by 2050. Oil and gas will play a critical role for decades, especially as the world's population nears 10 billion, according to American Petroleum Institute. This has been echoed by other oil and gas leaders, including Exxon Mobil. A larger question is how can companies like Exxon Mobil deal with the climate dilemma: oil and gas companies produce 57% of the world's energy and are responsible for 50% of global greenhouse gas (GHG) emissions. The Permian basin extends from West Texas into New Mexico where