ExxonMobil outlined its plans through 2025 to commercialize lower emission technologies in support of the goals of the Paris Agreement.
ExxonMobil has focused its research and development portfolio on technologies to address hard to decarbonize sectors of the economy responsible for approximately 80% of energy-related emissions.
The company’s newly created business, ExxonMobil Low Carbon Solutions, was established to commercialize low-emission technologies, and will initially focus on carbon capture and storage (CCS), the process of capturing CO2 that would otherwise be released into the atmosphere from industrial activity, and injecting it into deep geologic formations for safe, secure and permanent storage.
The International Energy Agency projects that CCS could mitigate up to 15% of global emissions by 2040 and the authoritative U.N. Intergovernmental Panel on Climate Change (IPCC) estimates that global de-carbonization efforts could be twice as costly without CCS.
Using estimates and demand projections, including from IPCC Lower 2 degree Celsius scenarios, the market for CCS and other low-emission technologies and products is expected to grow significantly by 2040.
ExxonMobil met its 2020 emission reduction goals that included 15% reduction in methane emissions versus 2016 levels, and a 25% reduction in flaring versus 2016 levels.
The company’s 2025 emission reduction plans include a 15 to 20% reduction in upstream greenhouse gas intensity versus 2016 levels, supported by a 40 to 50% reduction in methane intensity and 35 to 45% reduction in flaring intensity.
The plans are expected to reduce absolute greenhouse gas emissions by an estimated 30% for the Upstream business. Absolute flaring and methane emissions are expected to decrease by 40 to 50% under the plans. The company also aims for industry-leading greenhouse gas performance and to eliminate routine flaring in line with the World Bank initiative by 2030.