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Exxon Sets New Emissions Goals Following Investor Criticism - Governors' Wind Energy Coalition


Governors Wind Energy Coalition
Exxon Sets New Emissions Goals Following Investor Criticism
Source: By Kevin Crowley, Bloomberg • Posted: Tuesday, December 15, 2020
The Esso Fawley Oil Refinery, operated by Exxon Mobil Corp. in Fawley, U.K. Photographer: Luke MacGregor/Bloomberg
Exxon Mobil Corp. entered 2020 with a multiyear growth plan projected to significantly increase its greenhouse-gas emissions. Then came Covid-19 and criticism from activist investors over its record on climate and financial returns.
Now the year will end with Exxon setting new, more ambitious targets to reduce emissions per barrel of oil and disclose, for the first time, data on pollution related to customers’ use of its fuels. ....

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Exxon announces new emissions targets after investor criticism


Exxon announces new emissions targets after investor criticism
Kevin Crowley, Bloomberg News
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Exxon Mobil Corp. entered 2020 with a multiyear growth plan projected to significantly increase its greenhouse-gas emissions. Then came Covid-19 and criticism from activist investors over its record on climate and financial returns.
Now the year will end with Exxon setting new, more ambitious targets to reduce emissions per barrel of oil and disclose, for the first time, data on pollution related to customers’ use of its fuels.
The Irving, Texas-based company said Monday it will reduce upstream emissions intensity those caused by pumping oil and gas from the ground by as much as 20 per cent by 2025 as well as cutting flaring and methane leaks. Exxon described its new plan as consistent with the goals of the Paris Agreement, which calls for countries to limit global warming to 1.5 degrees Celsius above pre-industrial temperatures. ....

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Exxon sets new emissions goals following investor criticism


Exxon sets new emissions goals following investor criticism
Exxon Mobil Corp. announced new emissions targets and plans to publish data on pollution stemming from its products just days after activist investors criticized the oil giant’s environmental record.
by Bloomberg
Updated: 14/12/2020, 7:14 pm
Darren Woods, chairman and chief executive officer of Exxon Mobil Corp., speaks during the World Gas Conference in Washington, D.C., U.S, on Tuesday, June 26, 2018. Photographer: Andrew Harrer/Bloomberg
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ExxonMobil releases emissions updates/targets


ExxonMobil releases emissions updates/targets
Exxon Mobil Corp. announced several new emissions targets and said it would begin publishing pollution related to customers’ use of its products for the first time, just days after activist investors criticized the oil giant for its environmental record.
Exxon will reduce the intensity of upstream emissions by as much as 20% by 2025, the Irving, Texas-based company said in a statement. The plan is “consistent” with the goals of the Paris Agreement, it said.
Exxon came under pressure from activist investors Engine No. 1 and D.E. Shaw & Co. last week for not acting quickly enough on emissions as well as for years of poor returns on capital employed. ....

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