Like many large companies that have always been involved in the extraction, refining and distribution of energy from hydrocarbons, ExxonMobil also recognizes the need to create concrete actions to reduce the environmental impact of the use of fossil fuels. While reiterating, through the information in the article, the centrality of fossil fuels in the coming decades, he wants to offer the company reassurance on its commitment in the field of reducing the environmental impact of its production and use of its products.
Earlier this month, ExxonMobil released its annual summary on the subject energy production and carbon emissions, with a comprehensive look at the company's work to manage the risks of climate change, including actions to reduce greenhouse gas emissions.
The publication articulates ExxonMobil's climate strategy focused on four areas: reducing emissions from its operations, developing and implementing scalable technology solutions, providing consumers with products that they help reduce their emissions and proactively engage in climate policy.
Here's an overview:
A look back: the company reported in 2019 the lowest levels of greenhouse gas emissions since 2010. Most this is partly due to its commitment to reduce methane emissions from its upstream operations.
At the end of 2020, ExxonMobil was on track to meet the announced commitments of a 15% reduction in methane emissions and a 25% decline in flaring compared to 2016 levels.
Looking to the future: the company's emissions reduction plans for 2025 are expected to reduce greenhouse gas emissions from its oil and gas production activity by around 30% and flaring and methane emissions by 40-50%, compared to 2016 levels.
The 2025 plans, which cover the direct (Scope 1) and indirect (Scope 2) emissions of the assets managed by the company, represent some of the most aggressive reductions in the sector . The company also aims to eliminate routine flaring from its upstream operations over the next decade in line with the World Bank initiative.
These plans help ExxonMobil become an industry leader in greenhouse gas management by 2030 and support the goals of the Paris Agreement.
Commitment: ExxonMobil is committed to providing reliable and affordable energy to help support human progress by promoting solutions to mitigate risks of climate change. As the world moves to new sources of energy, climate scenarios that include 2 degrees rise in temperatures, developed by the Intergovernmental Panel on Climate Change (IPCC) and the International Energy Agency (IEA), also recognize the role that oil and gas will continue to play for decades.
Today, the company's employees deep understanding of the global energy system helps improve operational efficiency and develop and implement low-carbon technologies to help addressing the risks of climate change.
The approach: the development of innovative technologies is fundamental to achieving the objectives of the Paris Agreement. To this end, ExxonMobil is working to develop revolutionary solutions in reducing emissions for the company's most emitting industries, including manufacturing, power generation and commercial transportation, which account for 80% of global emissions. of CO2.
Carbon capture and storage, advanced fuels, hydrogen and energy efficient technologies will be solutions that will help reduce emissions and will create radical change.
An exchange of ideas and expertise: A variety of scientific and engineering disciplines are needed to provide accessible and usable energy. No single company has all the answers and knows the key to activating new technologies in the energy field.
This is why ExxonMobil collaborates with external technicians, private and public entities: the National Renewable Energy Laboratory of the United States, the National Energy Technology Laboratory of the United States, more than 80 universities and startups at the forefront of alternative energy solutions. All together in search of those answers and a new energy innovation.
In an effort to transfer ideas and innovations from the laboratory to the market, the company brings its unique strengths to the field of science, engineering and of a global market position.
A collective approach: Beyond the lab, field tests and IT skills, ExxonMobil also works with stakeholders to support robust policy solutions that can reduce climate-related risks, while also facilitating access to affordable and reliable energy for society.
That work requires collective and collaborative efforts beyond top-down regulations. Our voluntary efforts to reduce methane emissions, for example, provide a framework for effective regulation for the entire sector.
Why it matters: “Few would disagree that one of the most pressing social challenges we face today is manage the risks of climate change. How we meet the global demand for energy needed for economic growth while mitigating the long-term impact on our environment is critical to our sustainable future. “- Darren W. Woods, President.
Automatic translation. We apologize for any inaccuracies. Original article in Italian.