ExxonMobil has broadened goals to reduce the amount of carbon dioxide released with each barrel of oil it pumps, applying them across company operations but avoiding deeper emissions cuts endorsed by rivals in Europe.
The US energy supermajor said it aimed to reduce company-wide greenhouse gas intensity by 20-30 per cent by 2030. Exxon’s previous target was an intensity reduction of 15-20 per cent by 2025 for its “upstream”, or oil and gas production, business, which it says was achieved this year.
The updated emissions and capital spending plans released on Wednesday are the first since Exxon lost board seats in a proxy battle with the activist hedge fund Engine No 1, which had argued the company was ill prepared for a lower-carbon future.
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