America’s largest producer of crude oil, ExxonMobil, announced its mission Tuesday to achieve net zero carbon emissions by 2050.
ExxonMobil identified more than 150 “potential steps” that will help achieve its goal within 30 years, the company announced.
The company will increase investments in carbon capture and storage technology, hydrogen and biofuels and bio-based plastic waste streams, the Daily Caller reports.
“ExxonMobil is committed to playing a leading role in the energy transition, and Advancing Climate Solutions articulates our deliberate approach to helping society reach a lower-emissions future,” Chairman and CEO Darren Woods said in a statement.
“We are developing comprehensive roadmaps to reduce greenhouse gas emissions from our operated assets around the world, and where we are not the operator, we are working with our partners to achieve similar emission-reduction results,” he added.
The company’s first actions will add up to a more than $15 billion investment in lower emission initiatives by 2027.
“As we invest in these important technologies, we will advocate for well-designed, high-impact policies that can accelerate the deployment of market-based, cost-effective solutions,” Woods said. “We believe our strategy is unique among industry and enables us to succeed across multiple scenarios.”
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