Climate solutions
Advancing climate solutions
SUPPORTING A LOWER-EMISSION FUTURE
ExxonMobil continues to advance innovative solutions for a lower-emission energy future
We are focused on five strategic priorities to create sustainable solutions that improve quality of life and meet society’s evolving needs. Our strategy calls for us to maximize the advantages of our scale, business integration, leading technology, functional excellence, and our people to build globally competitive businesses that lead industry in earnings and cash flow growth across a range of future scenarios. We strive to play a leading role in the energy transition, bringing to bear these same advantages while retaining investment flexibility across a portfolio of evolving opportunities to grow shareholder value. Read more about ExxonMobil’s ongoing strategy in the 2023 Advancing Climate Solutions Progress Report.
Net-zero ambition
Our net-zero ambition (Scope 1 and 2 operated assets) is backed by a comprehensive approach centered on detailed emission-reduction roadmaps for our major operated assets. We completed these roadmaps in 2022, and will be updating them as needed to reflect technology, policy, and other developments, including the development and acquisition of major operated assets.
One example of our roadmap approach is our Permian Basin unconventional operations, where we announced industry-leading plans to reach net-zero Scope 1 and 2 emissions by 2030. We are working to electrify operations with lower-emission power, which may include wind, solar, and natural gas. We are also working to expand and accelerate our methane detection and mitigation technology, eliminate routine flaring, upgrade equipment, and employ high-quality emissions offsets, which may include nature-based solutions.
One example of our roadmap approach is our Permian Basin unconventional operations, where we announced industry-leading plans to reach net-zero Scope 1 and 2 emissions by 2030. We are working to electrify operations with lower-emission power, which may include wind, solar, and natural gas. We are also working to expand and accelerate our methane detection and mitigation technology, eliminate routine flaring, upgrade equipment, and employ high-quality emissions offsets, which may include nature-based solutions.
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Our 2030 GHG emission-reduction plans are:
Versus 2016 levels. Applies to Scope 1 and 2 GHG emissions from operated assets.
20-30%
reduction in corporate-wide greenhouse gas intensity
40-50%
reduction in upstream greenhouse gas intensity
70-80%
reduction in corporate-wide methane intensity
60-70%
reduction in corporate-wide flaring intensity
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What is ExxonMobil’s climate strategy and role in helping advance the energy transition?
ExxonMobil is positioned to make a difference by:
• Providing products to help customers reduce their emissions • Developing and deploying scalable technologies to help decarbonize highest-emitting sectors • Proactively engaging on climate-related policy
ꦉ • Reducing emissions in its operations through avoidance and improving energy efficiencies
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What emission-cutting technologies is ExxonMobil developing?
With a long history of scientific innovation combined with operational expertise, ExxonMobil is focused on decarbonizing a number of energy-intense sectors including manufacturing, transportation and power generation. Carbon capture and storage is an essential part of the portfolio alongside continued research and advancements in biofuels and hydrogen.
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Can the world meet climate targets, including those in the Paris Agreement, without carbon capture and storage?
The United Nations Intergovernmental Panel on Climate Change (IPCC) and the International Energy Agency (IEA) agree that CCS is one of the most important low-carbon technologies required to achieve society’s climate goals at the lowest cost.
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Helping customers reduce emissions
ExxonMobil is delivering products and solutions that enable customers to meet production performance requirements while reducing their emissions and improving energy efficiency across the supply chain. Products and solutions include:
supportive of policy
Our positions
ExxonMobil’s scientists and engineers are working to develop innovative and scalable solutions to help reduce emissions, with a focus on the highest-emitting and most-difficult-to-decarbonize sectors of the economy: commercial transportation, power generation and heavy industry. But to achieve the goals of the Paris Agreement, durable, predictable, market-driven policies are needed to produce the greatest emissions reductions at the lowest cost to society.
Public policy decisions are made at all levels of government and have significant effects on our current and future operations. ExxonMobil supports policies that promote a stable investment climate for long-term business viability and continues to communicate our positions to policy stakeholders and governments around the world.
- Establishing a market price on carbon will play an important part by providing the needed clarity and stability required to drive investment.
- No single technology on its own can enable society to achieve its lower-emission ambitions.
- Predictable, stable, cost-effective policies are necessary to incentivize the development and scalability of a wide range of lower-emission technologies across the economy.
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IRVING, TEXAS – ExxonMobil today announced its corporate plan for the next five years, with a sizeable increase in investments aimed at emission reductions and accretive lower-emission initiatives, including its Low Carbon Solutions business. The corporate plan through 2027 maintains annual capital expenditures at $20-$25 billion, while growing lower-emissions investments to approximately $17 billion. This disciplined approach prioritizes high-return, low-cost-of-supply assets in the Upstream and Product Solutions businesses and supports efforts to reduce greenhouse gas emissions intensity from operated assets, as well as those emitted from other companies.
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