Exxon is considering committing to net-zero carbon dioxide emissions by 2050. The move is mainly due to pressure from investors.
The company has not yet officially adopted the net-zero by 2050 policy, but Exxon’s serious consideration of the idea is a huge shift from previous strategy on climate related issues.
As reported by the Wall Street Journal:
“Exxon spokesman Casey Norton said the company is committed to working to decarbonize high-emitting sectors and supports regulation that will spur that.
“‘As the board goes through its deliberations regarding future plans related to the company’s energy transition activities, we routinely evaluate our work and commitments and will update our shareholders and the public as those plans evolve,’ Mr. Norton said.”
In May of 2021, the leftist activist investment group Engine No. 1 successfully elected three board members to Exxon’s board of directors after a contentious proxy fight. Its mission was to instill members who would push Exxon to adopt more aggressive actions on climate change.
CFACT participated in this shareholder meeting and supported a resolution that would have required the disclosure of company costs related to emissions cuts and green reporting.
You can read the full story regarding Exxon’s consideration of a net-zero commitment in the Wall Street Journal here.
August 5, 2021