- Exxon Mobil Corp is under increasing pressure from investors and climate change activists.
- As a result it has reported for the first time the emissions that result when customers use its products such as gasoline and jet fuel.
- The so-called Scope 3 data is included in its latest Energy & Carbon Summary released Tuesday, though Exxon downplayed its significance.
- Most major oil companies already report Scope 3 emissions and some have reduction targets.
As per the recent news article published in Economic Times, EXXON MOBIL-CARBON/ (PIX)Exxon, under investor pressure, discloses emissions from burning its fuels.
What is the range of emissions?
The largest U.S. oil producer said the emissions from its product sales in 2019 were equivalent to 730 million metric tons of carbon dioxide, higher than rival oil majors.
The data comes as the company has drawn the ire of an activist investor focused on its climate performance.
“Scope 3 emissions do not provide meaningful insight into the Company’s emission-reduction performance,” the report said.
Future plans by Exxon
By 2025, Exxon targets reducing the intensity of its oilfield greenhouse gas emissions. It has not set an overall emissions target, though, so emissions could rise if production grows.
“They’re seeking dollars against companies that are disclosing Scope 3,” said Danielle Fugere, president of As You Sow, a non-profit shareholder activist group. “I don’t think they have any choice.”
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Source: Economic Times
