Economist Podcasts Drilling into the numbers: ExxonMobil
Jan 19, 2022
Vijay Vaithi Swaran, Global energy and climate innovation editor at The Economist, and Sumaya Keynes, Britain economics editor at The Economist, dive into ExxonMobil's surprising pivot to net-zero targets. They dissect the implications of this shift, including shareholder pressures and contrasting strategies with European firms. The discussion also navigates the peculiarities of tipping—examining psychological and economic factors, alongside unique insights into the vaccination trends among elite athletes, including the notable case of Novak Djokovic.
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ExxonMobil's Net-Zero Pledge
- ExxonMobil, known for its climate denial, pledged net-zero emissions by 2050.
- This surprising move includes concrete targets like a 20% emissions cut by 2030.
ExxonMobil's Climate Plan
- ExxonMobil plans to achieve its targets through bottom-up accountability, assigning specific targets to each division.
- They will minimize the use of carbon offsets, a key indicator of genuine commitment.
Scope 3 Emissions Excluded
- Unlike some competitors, ExxonMobil's plan doesn't include Scope 3 emissions (emissions from consumer use of their products).
- They argue that they should be held accountable for their operational emissions, not consumer choices.