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Exxon Mobil pledges to have net zero emissions by 2050

The company announced its plan to reduce emissions

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An Exxon service station sign in Philadelphia.

Shown is an Exxon service station sign in Philadelphia, Wednesday, April 28, 2021. The company just announced its ambitious plan to reduce emissions.

Matt Rourke, Associated Press

Exxon Mobil Crop on Tuesday pledged to cut to zero net carbon emissions by 2050, per Reuters.

Exxon’s 2050 plan covers global operation emissions from its oil, gas and chemical production. But the company has made no commitment for emissions from consumers using the products.

Chief executive Darren Woods said that Exxon was “committed to playing a leading role in the energy transition,” by pushing for stricter climate policy which implements a carbon tax and pursues technologies like carbon capture and storage, per Financial Times.

  • “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.”
  • “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.

Per Reuters, many European oil producers, like DP Plc and Royal Dutch Shell Plc, have already embraced Paris climate agreement goals of reducing emissions. But Exxon’s new step puts it a step ahead of its U.S. rivals like Chevron, which has also pledged to bring emissions to zero by 2050.

Exxon plans to spend $15 billion through 2027 to lower emissions and also develop technologies.