ExxonMobil
Exxon's five-year plan reduces emissions from operations by 15-20% from the company's 2016 levels. This includes a reduction of methane emissions by 40-50% and a reduction in flaring intensity by 35-45%. According to Exxon, it is on track to meet its 2018 commitments of methane emission reductions by 15% and flaring by 25% before the end of 2020.
However, activist investors, analysts, and some climate experts are unimpressed with the company's commitment.
"That oil majors like Exxon feel the need to tout their climate plans is a testament to the growing urgency of the climate crisis," says Kelly Martin of The Sierra Group. "But baby steps in the right direction by one of the world's biggest polluters are far from what's needed to address this crisis."
"Too little, too late" seems to be the recurring trend in the criticism of Exxon's climate change plans. Exxon's strategy focuses on the reduction of emission intensity, which, while ostensibly helpful, doesn't appear to address the problem of increasing absolute emissions. It is still possible for absolute emissions to rise despite intensity reductions, which may end up rendering Exxon's efforts moot if the company increases production enough.
"Meeting the goals of the Paris agreement requires an energy transformation that slashes absolute emissions, not piecemeal intensity targets backed by spotty methane data and reporting," said Ben Ratner of the Environmental Defense Fund.
Exxon's attempt at a long-term climate change plan comes at a time when the U.S. government's priorities are shifting back towards green policies. President Elect Biden has voiced his support for reinstating the many environmental regulations rolled back by President Trump, as well as leading new efforts to reduce the United States' climate footprint.
