ExxonMobil Corp is considering a pledge to reduce its net carbon emissions to zero by 2050, in what would amount to a significant strategic shift by the oil company, according to The Wall Street Journal.
In March 2020, ExxonMobil CEO Darren Woods described ambitious carbon reduction targets made by some European rivals as nothing more than a “beauty competition,” saying the pledges lacked tangible plans to achieve them.
However, Woods and others on ExxonMobil’s board are now giving the same idea serious debate due to pressure from investors to demonstrate a bolder path to reducing emissions. Following a bruising proxy fight this year, an activist hedge fund elected three new members to the company’s board.
It is unclear exactly what a new ExxonMobil net-zero pledge would entail. Read the full story, which details options being considered.