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Exxon is considering pledging to be carbon-neutral by 2050

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Exxon is considering pledging to be carbon-neutral by 2050.

The Wall Street Journal reported on Thursday that Exxon Mobil Corp is exploring a vow to decrease its net carbon emissions to zero by 2050, citing people familiar with the topic.

The news comes more than two months after Exxon shareholders ousted three Exxon directors in favor of hedge fund nominees who vowed to enhance returns and better prepare the business for a low-carbon future.

According to the report, Exxon has not made a final resolution on the net-zero goal. It went on to say that by the end of 2021, the business expected to launch a series of strategic initiatives on environmental and other issues.

Exxon did not respond to a request for comment from Reuters right away.

Exxon began working with the new board in June for in-depth examinations of its operations, including its strategy to the energy transition, according to its Chief Executive Darren Woods.

Exxon wants to reduce greenhouse gas emissions by 30 percent in its oil and gas production division by 2025, as part of a plan that will be completed by then.

In July, the world’s largest oil corporation joined some of the world’s other leading oil companies in establishing commitments to reduce greenhouse gas emissions as a percentage of output.

However, Exxon’s strategy, which includes emissions from its own activities as well as emissions from the power it uses, lags behind those of its European competitors. BP Plc and Royal Dutch Shell Plc have also stated that emissions from products marketed in their plans will be reduced.

Exxon was also recently engaged in controversy after a company lobbyist stated publicly that the firm favors a carbon price since the plan to combat climate change would never get enough political support to pass. CEO Woods was outraged by the remarks.

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