Exxon plans to commit to ‘Net Zero’ Carbon by 2050

Exxon Mobil Corp. plans to commit to reducing its net carbon emissions to zero by 2050, according to people familiar with the matter, which would amount to a significant strategic shift on the part of the oil company.

In March 2020, Exxon chief executive Darren Woods described the ambitious carbon reduction targets set by some European rivals as nothing more than a “beauty contest”, saying the pledges lacked concrete plans for reach them.

Mr Woods and other members of the Exxon board are now giving the same idea a serious debate, the people said. Mr Woods is facing pressure from investors to take a bolder path to cut emissions. Following a fierce proxy battle this year, an activist hedge fund elected three new members to the company’s board of directors.

The Irving, Texas company has not made a final decision on a “net zero” commitment, people say. He plans to unveil a series of strategic measures on environmental and other issues before the end of the year, the people said.

Exxon spokesman Casey Norton said the company is committed to working to decarbonize high-emitting sectors and supports regulations that will boost that.