September 24, 2021

Biz Journal

Business perfection

Exxon Considers Pledging ‘Internet Zero’ Carbon by 2050

Exxon Mobil Corp. is contemplating a pledge to scale back its web carbon emissions to zero by 2050, in accordance with folks acquainted with the matter, in what would quantity to a major strategic shift by the oil firm.

In March 2020, Exxon Chief Govt Darren Woods described formidable carbon discount targets made by some European rivals as nothing greater than a “magnificence competitors,” saying the pledges lacked tangible plans to attain them.

Mr. Woods and others on Exxon’s board are actually giving the identical thought critical debate, the folks stated. Mr. Woods is dealing with strain from traders to exhibit a bolder path to decreasing emissions. Following a bruising proxy combat this yr, an activist hedge fund elected three new members to the corporate’s board.

The Irving, Texas, firm hasn’t made a closing determination on a “web zero” pledge, in accordance with the folks. It plans to unveil a collection of strategic strikes on environmental and different points earlier than the top of the yr, the folks stated.

Exxon spokesman Casey Norton stated the corporate is dedicated to working to decarbonize high-emitting sectors and helps regulation that may spur that.

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