ExxonMobil boosts spending on emission reduction projects by $12B


ExxonMobil says it is boosting its spending on greenhouse gas emission reduction projects to $15 billion over the next six years, up from its originally planned $3 billion, reports the Associated Press. The company also says it anticipates meeting its 2025 reduction plans by the end of this year.

The energy giant, which employs thousands in the Baton Rouge area, says the $15 billion will go toward projects focused on reducing greenhouse gas emissions from existing operations and increased investments in the low carbon solutions business.

As part of its reduction plans, ExxonMobil anticipates year-end 2021 results showing a reduction of 15% to 20% in greenhouse gas intensity from upstream operations compared to 2016 levels, four years ahead of schedule. The company says the figure is supported by an anticipated reduction of 40% to 50% in methane intensity and 35% to 45% in flaring intensity compared to 2016. See the full story.