ExxonMobil has published its Advancing climate solutions - 2022 progress report, detailing its commitment to driving emission reductions in support of a net-zero future.
The net-zero aspiration applies to Scope 1 and Scope 2 greenhouse gas emissions for operated assets, and builds on ExxonMobil's 2030 emission-reduction plans, which include net-zero emissions(Scope 1 and 2) for its Permian basin operations, and ongoing investments in lower-emission solutions in which it has extensive experience, including carbon capture and storage, hydrogen and biofuels. The report provides details of how ExxonMobil's business strategy is resilient when tested against a range of Paris-aligned net-zero scenarios, including the United Nations Intergovernmental Panel on Climate Change's 2018 Special report and the International Energy Agency's Net zero by 2050 scenario.
ExxonMobil is also committed to helping customers reduce their greenhouse emissions by investing in carbon capture and storage, hydrogen and biofuels. Bio-based feed and plastic waste streams provide further opportunities for lowering greenhouse gas emissions.
To help reach net zero for operated assets by 2050, the company has identified more than 150 potential projects that can be applied to assets in its upstream, downstream and chemical operations. Initial actions already underway prioritize energy efficiency measures, methane mitigation, equipment upgrades and the elimination of venting and routine flaring as per the World Bank's Zero Routine Flaring by 2030 initiative. Further high-impact reduction opportunities include power and steam co-generation and electrification of operations, using renewable or lower-emission power including the use of high-quality offsets.
The company expects to develop detailed emission reduction roadmaps that address approximately 90% of operations-related greenhouse gas emissions by the end of this year, and the remainder will be completed in 2023. The Permian roadmap, for example, will be supported by electrifying operations, continuing investments in methane mitigation and detection technology, eliminating routine flaring, upgrading equipment, and employing emissions offset technology, which may include nature-based solutions.
Initial steps to achieve net zero by 2050 are included in the company's plans to invest more than US$15 billion by 2027 on lower-emission initiatives. A significant share of the spending will be directed toward its Low Carbon Solutions business, which is focused on reducing greenhouse gas emissions from hard-to-decarbonize sectors such as heavy industry, commercial transportation and power generation.
'ExxonMobil is committed to playing a leading role in the energy transition, and Advancing climate solutions articulates our deliberate approach to helping society reach a lower-emissions future,' said ExxonMobil Chairman and Chief Executive Officer Darren Woods. 'We are developing comprehensive roadmaps to reduce greenhouse gas emissions from our operated assets around the world, and where we are not the operator, we are working with our partners to achieve similar emission-reduction results.'
For more information please see the Advancing climate solutions - 2022 progress report, available online at exxonmobil.com