ExxonMobil Formally Joins The Net-Zero By 2050 Bandwagon

ExxonMobil Formally Joins The Net-Zero By 2050 Bandwagon

Darren Woods, chairman and chief executive officer of Exxon Mobil Corp., reacts during a Bloomberg ... [+] Television interview on the sidelines of the Bloomberg New Economy Forum in Singapore, on Tuesday, Nov. 6, 2018. The New Economy Forum, organized by Bloomberg Media Group, a division of Bloomberg LP, aims to bring together leaders from public and private sectors to find solutions to the world's greatest challenges. Photographer: Giulia Marchi/Bloomberg U. S. energy giant ExxonMobil XOM announced Tuesday a formalized plan to cut its scope 1 and scope 2 carbon emissions to "net-zero" by the year 2050. Laying out a very detailed, investment-heavy plan detailing every step of its path achieve the target, the company envisions $15 billion in new capital spending on green investments over the next 5 years alone. During an interview on CNBC's SquawkBox Tuesday morning, CEO Darren Woods attributed the company's ability to now make this pledge in a way that it can support with great detail and major planned investments to work it has been doing since 2018. "I think you've got to look at it in the context of the work we've been doing for some time now," he said. "If you go back