Global oil major ExxonMobil has revealed its plans to achieve net-zero greenhouse gas (GHG) emissions for all operated assets by 2050. The target is in line with the company’s 2030 emission-reduction plan and incorporates increasing investment in lower-carbon technologies such as carbon capture and storage, hydrogen, biofuels and renewables.

To achieve net zero, ExxonMobil will be investing approximately $15 billion by 2027 in lower-emission initiatives as well as reviewing current major oil and gas projects in order to reduce GHG emissions and improve energy efficiency. Accordingly, the major has already begun to prioritize a number of initiatives in this respect, including reducing methane emissions; modernizing equipment; and reducing or eliminating venting and flaring of natural gas.

In the medium-term, ExxonMobil is committed to achieving high-impact reductions in areas such as power and steam co-generation and the electrification of operations. By employing renewable energy technologies at key projects, the company is focused on reducing carbon emissions and mitigating climate change.

Chairman and CEO of ExxonMobil, Darren Woods, stated that the company “is committed to playing a leading role in the energy transition and advancing climate change solutions which articulates our deliberate approach to helping society reach a lower-emissions future,” adding that ExxonMobil is “developing comprehensive roadmaps to reduce GHG emissions from operated assets around the world.”

Meanwhile, the company has incorporated new technologies into its portfolio such as hydrogen, biofuels and carbon capture and storage. By emphasizing the need for explicit prices on carbon to establish market incentives that can attract investments for lower-emissions technologies, ExxonMobil is taking significant strides towards a clean energy future.

“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. We will create shareholder value by adjusting investments between our existing low-cost portfolio and new lower-emissions business opportunities to match the pace of the energy transition,” Woods continued.