Written by Pete Trelenberg, ExxonMobil’s Director of Greenhouse Gas and Climate Change.
We commend President Biden’s decision to rejoin the Paris Agreement, a framework that ExxonMobil has supported since its adoption in 2015.
We are working to be part of the solution. We recently outlined our 2025 emission reduction plans which are projected to be consistent with the goals of the Paris Agreement. These efforts, which cover direct (Scope 1) and indirect (Scope 2) emissions from our operated assets, are expected to reduce our absolute greenhouse gas emissions by an estimated 30 percent for our upstream business and decrease our absolute flaring and methane emissions globally by 40 to 50 percent.
Our plans include a 15 to 20 percent reduction in greenhouse gas intensity of upstream operations compared to 2016 levels, which will be supported by a 40 to 50 percent decrease in methane intensity, and a 35 to 45 percent decrease in flaring intensity across our global operations.
We also know that technology and innovation will play a central role in achieving the goals of the Paris Agreement. To this end, ExxonMobil has invested more than $10 billion to research, develop and deploy lower-emission energy solutions over the past two decades, including initiatives with carbon capture and storage, innovative biofuels, hydrogen and energy-efficient process technologies. These solutions have resulted in highly efficient operations that have eliminated or avoided approximately 480 million tonnes of CO2 emissions since 2000. Further advances in these areas will be critical to reducing emissions and achieving the goals of the Paris Agreement.
We are committed to working with the new Administration and Congress to advance cost-effective solutions to address the risks of climate change while continuing to ensure society has access to affordable and reliable energy that is critical for our nation’s economic recovery and improving lives around the world.
The long-term nature of the climate change challenge requires that we all work together, and we look forward to working with the new Administration to put the U.S. on a path of achieving the goals of Paris.
Learn more about ExxonMobil’s climate strategy here.