Does Exxon see the writing on the wall? Exxon Mobil Corp might be working to chop its web carbon emissions to zero by 2050.
Exxon Chief Government Darren Woods beforehand scoffed on the thought of carbon discount targets made by European rivals as nothing greater than a “magnificence competitors,” however Woods and others on Exxon’s board are actually taking a extra critical have a look at reducing emissions in face of rising pressures from buyers after a proxy battle this 12 months with an lively hedge fund that resulted within the election of three new members to the corporate’s board, the Wall Avenue Journal experiences.
In response to insiders, whereas the vitality firm has not made a closing determination on a “web zero” plan, the corporate might reveal a collection of strategic strikes on environmental and different socially accountable points earlier than the 12 months’s finish.
Exxon spokesman Casey Norton acknowledged the corporate is working to decarbonize high-emitting sectors and backs regulation that may spur these efforts.
“Because the board goes by its deliberations relating to future plans associated to the corporate’s vitality transition actions, we routinely consider our work and commitments and can replace our shareholders and the general public as these plans evolve,” Norton informed the WSJ.
Woods has additionally acknowledged that Exxon helps targets put forth by the Paris local weather settlement, which goals to maintain world common temperatures to lower than 2 levels Celsius above preindustrial ranges.
Up to now, Exxon has pledged to chop carbon depth, or emissions as a portion of whole vitality produced.
The shift in sentiment in Exxon could also be partially attributed to its lack of three seats on its board of administrators at its newest annual share holder assembly to hedge fund Engine No. 1, which has pushed vitality firms to behave sooner to adapt to the expansion and uptake of fresh vitality.
For extra information, data, and technique, go to the ESG Channel.
Learn extra on ETFtrends.com.
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.