Texas-based ExxonMobil has set a target, within the publication of its Advancing Climate Solutions – 2022 Progress Report, of making its asset operations net-zero in terms of greenhouse gas emissions by 2050.

Both Scope 1 (those created directly by operations) and Scope 2 emissions (indirect emissions from purchased energy) are covered by the target, but not Scope 3 emissions (other indirect emissions, both upstream and downstream), in contrast to the ambitions of some other oil and gas companies. Chairman and chief executive Darren Woods said of the new target that ExxonMobil “is committed to playing a leading role in the energy transition”, and that it is “developing comprehensive roadmaps to reduce greenhouse gas emissions from our operated assets around the world”.

To achieve net-zero, the company is looking to a price on carbon, carbon capture and storage, hydrogen, biofuels and electrification; these latter technologies are amongst more than 150 “potential steps and modifications that can be applied to assets in its upstream, downstream and chemical operations.” Measures to reduce methane emissions are already being worked on, as are energy efficiency improvements – sensible steps as they are the ‘low hanging fruit’ for oil and gas operations. Detail on measures to reduce 90% of emissions are expected this year, with the remaining measures expected next year. The new plans are seen as a “big step” by the Financial Times, and are a response to investor pressure to do more on climate change.