ExxonMobil aims to cut oil and gas emissions to net zero by 2050

ExxonMobil aims to cut oil and gas emissions to net zero by 2050

ExxonMobil has announced a goal to cut greenhouse gas emissions at its oil and gas operations to net zero by 2050 as it responds to investor pressure to clean up its business.

The Texas-based supermajor said it would publish a “road map” by the end of 2022 demonstrating how it would reduce emissions at its own operations but stopped short of including the carbon emitted from the fuel it sells.

The pledge is a big step for Exxon, which had previously resisted setting a 2050 net zero target, arguing it did not have a realistic plan to achieve it. But the move falls short of the commitments to cut emissions already made by European rivals such as BP and Shell.

Exxon is “committed to playing a leading role in the energy transition”, said Darren Woods, chief executive. The company would push for governments around the world to tighten climate policy, for example by implementing a tax on carbon, and pursue technologies such as carbon capture and storage once incentives were put in place, he added.

“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,” Woods said.

The announcement came less than