5 Aug, 2021

Exxon considers pledge to be carbon zero 2050

A lot can happen in 30 years and considering to make a pledge is different than making a pledge. I expect they may make this pledge but it’s more an effort to placate new board members than anything serious.

In March 2020, Exxon Chief Executive 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.

Mr. Woods and others on Exxon’s board are now giving the same idea serious debate, the people said. Mr. Woods is facing 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.

The Irving, Texas, company hasn’t made a final decision on a “net zero” pledge, according to the people. It plans to unveil a series of strategic moves on environmental and other issues before the end of the year, the people said.

Wall Street Journal
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