An official from the oil major Exxon Mobil Corp has revealed that it has concluded plans to reduce its greenhouse gas emissions over the next five years.
Pete Trelenberg, the ExxonMobil Director of Greenhouse Gas and Climate Change, who made this disclosure during a news conference noted that as investors and climate change campaigners it has become necessary to ratchet up the pressure for action to limit global warming.
The move comes after the Church Commissioners for England on Thursday joined growing investor campaigns to demand changes at Exxon, and backed calls for a board refresh and the development of a strategy for the United States oil company’s transition to cleaner fuels.
Exxon had earlier said it would reduce the intensity of operated upstream greenhouse gas emissions by 15 per cent to 20 per cent by 2025, compared to 2016 levels. The reduction would be supported by a 40 per cent to 50 per cent decrease in methane intensity and a 35 per cent to 45 per cent decrease in flaring intensity across Exxon’s global operations.
And also with routine natural gas flaring eliminated in a decade, the company said. Since the 2015 Paris climate accord set a goal of keeping global warming to well below 2 degrees Celsius, pressure from investors has increased and some of Exxon’s peers have agreed more ambitious targets.
“We certainly recognise the direction of travel that Paris sets out and the ambitions for society to get to net zero as early as possible before the end of the century,” said Trelenberg.
“What we have tried to do is to develop specific actionable plans that we can hold our organisation accountable to drive continuous improvement in emissions.”
