Exxon Mobil Corp promised to reduce greenhouse-gas emissions from its operations over the next five years and eliminate regular flow of methane by 2030, reducing its carbon footprint due to pressure from activists and investors.
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The Texas-based oil giant said on Monday that it would reduce the “intensity” of emissions from its oil and gas production by 15% to 20% by 2025. It has not given exact information about the total number of total emissions. The deduction will represent.
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The company also said that it would end the regular flow of methane, or incineration, from its oil and gas operations over the next 10 years. According to the Environmental Protection Agency, methane is a powerful greenhouse gas that contributes to climate change, like carbon dioxide.
Targets relate to emissions that come directly from Exxon’s operations and not from its products, such as gasoline and jet fuel. Exxon said it would start disclosing emissions data related to its products next year.
Exxon chief executive Darren Woods said, “We support society’s ambition to achieve net zero emissions by 2050, and advocate policies that promote cost-effective, market-based solutions.”
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European peers, including BP plc and Royal Dutch Shell plc, stop lowering targets to reach net-zero carbon emissions — Mr Wood has previously called the “beauty contest”.
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