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ExxonMobil pushes to cut carbon emissions after facing criticisms

Exxon aims to cut the intensity of the greenhouse gas emissions from its operated upstream assets by 15 to 20% over the next five years

Texas-based oil major ExxonMobil pledges to cut from its global upstream operations over the next five years, media reports said. The move is also in line with Paris Agreement and comes days after the company was criticised by activists and investors to lower its carbon footprint.

The oil major aims to cut the intensity of the greenhouse gas emissions from its operated upstream assets by 15 to 20 percent over the next five years. Furthermore, the company’s flaring of methane is expected to drop by 35 to 45 percent across its global operations by 2030.

ExxonMobil, told the media, “The emission reduction plans, which cover Scope 1 and Scope 2 emissions from operated assets, are projected to be consistent with the goals of the Paris Agreement. Meaningful decreases in global greenhouse gas emissions will require changes in society’s energy choices coupled with the development and deployment of affordable lower-emission technologies.”

The oil major has embarked to provide the annual report of Scope 3 emissions. However, ExxonMobil has drawn criticisms from the Church Commissioners for England and BlackRock including other investors due to a lack of clear plan towards climate actions and cutting emissions. Many European oil major have committed this year to become carbon neutral in the future.

Some of the company’s largest investors have pushed the company on climate-related issues from a very long time.

The global oil market is still looking to make profits and ramp up demand amid the pandemic.

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