ExxonMobil said it was boosting its spending on greenhouse gas emission reduction projects to $15 billion (€3 billion) over the next six years and anticipates meeting its 2025 greenhouse gas emission-reduction plans by the end of this year.
The energy giant said funds will go toward projects focused at reducing greenhouse gas emissions from existing operations and increased investments in the low carbon solutions business.
As part of its greenhouse gas emission-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 said 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.
Looking ahead, ExxonMobil said that it expected to lower absolute corporate-wide greenhouse gas emissions by approximately 20% by 2030. It also forecast a 70% to 80% reduction in corporate-wide methane intensity and 60% to 70% reduction in corporate-wide flaring intensity by that year.
The oil and gas major also said it plans to keep capital investments between $20 billion and $25 billion (€17 billion – €22 billion) per year through 2027.
The company said there was room to adjust the figure to adverse market conditions or changes in policy and technology for low-emissions projects.
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