Exxon Mobil Corporation (NYSE:XOM) may reportedly pledge to cut its net carbon emissions to zero by 2050.
It follows similar moves by fellow multinational majors Royal Dutch Shell (NYSE:RDS.A) Plc and BP PLC (LSE:BP.) which earlier this year laid out their own (net) carbon reduction targets. Both Shell and BP are driving investment into renewable energy and alternative fuels.
For Exxon, it is the latest development in its own evolving stance on emissions and ESG in the wake of June’s boardroom shake-up that saw three new directors appointed at the behest of influential environmentally-focussed investor group Engine No.1.
Previously, Exxon detailed plans to reduce its emissions from its oil and gas business production by 30% by 2025. The current proposals, however, relate to emissions from operations not the emissions resulting from the use of the fuels it sells.
According to a Wall Street Journal report, Exxon has yet to make a final decision on its net-zero plan but a series of strategic moves are anticipated before the end of the year.