Exxon Mobil Corp (XOM) is contemplating a net-zero emissions pledge. The company aims to be carbon neutral by 2050, according to close sources.
Exxon replaced three directors two months ago. As a result, changes are happening throughout the company. External pressures have forced Exxon to consider different approaches as climate change comes to the forefront of policymaking. The future will be a low-emission world and as such, Exxon is working to not be on the outside looking in when the low-carbon future happens.
Exxon has not made any concrete plans regarding carbon neutrality. So far, they are still only in talks. Exxon did not make any comments stating internal discussion were private. However, Exxon stated they were committed to decarbonization. According to the Wall Street Journal, Exxon is set to reveal environmental measures to reduce emissions later this year.
Exxon has plans in place to cut emission by 30% by 2025. In addition, Exxon has been active in discussing how to cut emission with other top US oil producers.
The US companies are behind their European counterparts when it comes to emissions reductions. European standards are much stricter than American standards. Both BP and Royal Dutch Shell have implemented carbon plans to heavily restrict emissions.