Net zero by 2050 – Why it matters and what it will take

ExxonMobil recently announced its ambition to achieve net-zero greenhouse gas emissions for operated assets by 2050, backed by a comprehensive approach to develop detailed  emission-reduction roadmaps for major facilities and assets.

This builds on the 2030 emission-reductions plan, which include reaching net zero in Permian operations eight years from now.

Let us dig into some important questions and their answers…

Why it matters:
It’s summed up best by CEO, Darren Woods.

What policy is needed to support this goal?

Sound government policies will accelerate the deployment of innovative technologies at the pace and scale required to support a net-zero future. ExxonMobil continues to support an explicit price on carbon to establish market incentives and encourage investments in lower-emissions technologies.

“As we invest in these important technologies, we will advocate for well-designed, high-impact policies that can accelerate the deployment of market-based, cost-effective solutions,” said Darren Woods.

What happens next?

Initial actions are already underway prioritize energy efficiency measures, methane mitigation, equipment upgrades and the elimination of venting and routine flaring. The company expects to finalize detailed 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.

Initial steps to achieve net zero by 2050 are included in the company’s plans to invest more than $15 billion by 2027 on lower-emission initiatives. Policies further accelerating the development and deployment of lower-emission technologies could provide ExxonMobil with additional investment opportunities.