ExxonMobil
On January 18th, 2022, ExxonMobil announced its ambition to achieve net zero greenhouse gas emissions for operated assets by 2050. This ambition applies to Scope 1 and Scope 2 greenhouse gas emissions. For ExxonMobil’s Permian Basin operations, net-zero Scope 1 and 2 emissions are planned by 2030. Over the next six years, ExxonMobil plans to invest more than $15 billion on initiatives to lower greenhouse gas emissions. A significant share is focused on scaling up carbon capture and storage, hydrogen and biofuels. There are no targets regarding Scope 3 emissions.
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Sustainability Report
About Company
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The net-zero aspiration by 2050 applies to Scope 1 and Scope 2 greenhouse gas emissions and builds on ExxonMobil’s 2030 emission-reduction plans, which include net-zero emissions for Permian Basin operations and ongoing investments in lower-emission solutions in which it has extensive experience, including carbon capture and storage, hydrogen and biofuels.
ExxonMobil’s 2030 emission-reduction plans are consistent with Paris-aligned pathways, the U.S. and European Union’s Global Methane Pledge, and the U.S. Methane Emissions Reduction Action Plan. Compared to 2016 levels, these plans are expected to achieve:
20-30% reduction in corporate-wide greenhouse gas intensity and an absolute reduction of approximately 20% (or approximately 23 million metric tons).
40-50% reduction in upstream greenhouse gas intensity and an absolute reduction of approximately 30% (or approximately 15 million metric tons).
70-80% reduction in corporate-wide methane intensity.
60-70% reduction in corporate-wide flaring intensity.
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No shore power projects have been identified.
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ExxonMobil is partnering with several organizations and investing heavily to increase the production of biofuels. Projects include the refinery in Bakersfield, California, which will produce over 4 million barrels of renewable diesel per annum. The refinery will begin production in 2022, initially using soybean oil as a feedstock, then gradually switching over to camelina oil.
Similar refineries are constructed across the world with biofuel output of several million barrels of drop-in renewable diesel. These include sites in Canada, U.K. and mainland Europe.
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ExxonMobil has extensive experience with hydrogen, producing about 1.3 million metric tons annually. ExxonMobil is planning for a hydrogen production plant at Baytown, Texas, that would produce nearly 1 million metric tons of hydrogen per year. It is unknown if this is conventional grey hydrogen, blue hydrogen or green.
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ExxonMobil is a big fan of CCS because of their thirty years+ experience in capturing and permanently storing CO2 for conventional oil and gas. ExxonMobil intends to invest heavily in CCS over the course of the next six years and have established a separate business called Low Carbon Solutions.
Projects for this business have already been announced and include the development of facilities in Houston, LaBarge, Wyoming, Edmonton, Canada, the U.K., France, Malaysia, Indonesia, Singapore, Australia, China, Qatar, Antwerp, Belgium, Rotterdam and Netherlands.
The Houston CCS hub could remove 100 million metric tons of CO2 emissions every year from power plants, refineries and petrochemical plants in the Houston area by 2040.
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ExxonMobil has joined the U.S. HyBlend Consortium, a collaborative research and development project designed to address the technical barriers of blending hydrogen into natural gas pipeline streams. It also signed a memorandum of understanding with SGN and Macquarie’s Green Investment Group to explore the use of hydrogen and carbon capture to reduce emissions in England’s Southampton industrial cluster. In addition, the Company is studying large-scale production of hydrogen for the Rotterdam industrial complex and has provided funding to Hydrogen4EU, a cross-sectorial research project confirming that hydrogen is essential to help meet the EU Green Deal’s 2050 net-zero targets.
Other partners of ExxonMobil include many renowned universities and institutes like Standard, MIT, Singapore, The University of Texas and several national labs.
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Frequently Asked Questions
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