Exxon pledges net-zero carbon emissions from operations by 2050

Exxon Mobil said it aims to cut to zero its net carbon emissions from its global operations by 2050, catching up with rivals who are minimizing their carbon footprints.

Exxon’s 2050 plan, first mulled last year, covers emissions from its oil, gas, and chemical production and from the power those operations consume, so-called scope 1 and 2 targets. It made no commitment for emissions from consumers using those products.

“We are developing comprehensive roadmaps to reduce greenhouse gas emissions from our operated assets around the world,” Exxon Chief Executive Officer Darren Woods said in a statement.

The company is working with its partners to achieve similar emission-reduction results in properties where Exxon is not in charge of operations.

Exxon’s U.S. rival Chevron last October pledged to bring emissions from its upstream operations to zero by 2050 and lower the intensity of emissions elsewhere.

In November, Exxon said it would increase spending on projects dedicated to lower-carbon emissions to $15 billion through 2027. That includes development of technologies that are currently not commercial, like carbon capture and storage, hydrogen power and biofuels from algae.

In December, Exxon pledged to achieve net-zero greenhouse gas emissions in its operations in the U.S. Permian Basin by 2030.