The Strategist

One of the world's biggest oil companies is thinking about cutting carbon emissions to zero

08/06/2021 - 04:14

Exxon Mobil, one of the world's largest oil companies, may announce its intention to cut carbon emissions to zero in 30 years.

Mark Norman Francis
Mark Norman Francis
Exxon Mobil Corp. is discussing a promise to reduce emissions of carbon, a major greenhouse gas, to zero by 2050, sources familiar with the situation told The Wall Street.

CEO Darren Woods is now discussing the idea with the company's board of directors, the sources told the newspaper. A final decision has not yet been made. According to WSJ's sources, some major Exxon shareholders have demanded that Exxon management announce more ambitious climate goals than it is currently pursuing. Some board members also support the idea of committing to reducing carbon emissions to zero, interlocutors told The Wall Street Journal.

Last March, the company’s CEO that similar promises from competitors in Europe were nothing more than a "beauty contest" in which Exxon had no intention of participating. The top executive said the company, under his leadership, was taking action to solve the problem for society as a whole, rather than trying to participate in a showdown. The chief executive of another major US oil company, Chevron, Michael Wirth, made the same point: Chevron will not "play shell games" with its portfolio of companies in order to formally meet climate goals, he said.