Exxon Mobil plans to lower greenhouse gas emissions by 2025


(Reuters) -Oil major Exxon Mobil Corp said on Monday it planned to reduce its greenhouse gas emissions over the next five years to support the goals of the Paris Agreement.

The world’s top oil and gas companies are under heavy pressure from investors and climate activists to meet the 2015 Paris climate goal of limiting global warming to below 2 degrees Celsius from pre-industrial levels.

On Thursday, Church Commissioners for England joined growing investor campaigns that demanded changes at Exxon and backed calls for a board refresh and development of a strategy for the U.S. oil company’s transition to cleaner fuels.

Exxon on Monday said it would reduce the intensity of operated upstream greenhouse gas emissions by 15% to 20% by 2025, compared to 2016 levels.

The reduction would be supported by a 40% to 50% decrease in methane intensity and a 35% to 45% decrease in flaring intensity across Exxon’s global operations, the company said.

Reporting by Arunima Kumar in Bengaluru; Editing by Amy Caren Daniel