The Intelligence from The Economist Drilling into the numbers: ExxonMobil
Jan 19, 2022
Join Vijay Vaithi Swaran, Global Energy and Climate Innovation Editor, and Sumaya Keynes, Britain's Economics Editor, as they dissect ExxonMobil's surprising shift towards net-zero emissions by 2050. They scrutinize motives behind these pledges, raising concerns of greenwashing. The conversation dives into the nuances of tipping culture, revealing its impact on behavior and economics. They also touch on the unique challenges elite athletes face regarding vaccination, spotlighting how their choices can sway public health and perceptions.
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ExxonMobil's Net-Zero Shift
- ExxonMobil, known for its climate denial, has announced net-zero emissions by 2050.
- This includes concrete targets like a 20% cut by 2030, focusing on absolute emissions.
Limited Scope of Emission Cuts
- ExxonMobil's plan lacks scope three emissions, those created by consumers using their products.
- Unlike European oil companies, ExxonMobil focuses on its operational emissions.
Reasons for ExxonMobil's Change
- ExxonMobil claims its new climate policy is an evolution, not a sudden shift.
- Two other factors likely contributed: shareholder pressure and a tactical move before their analyst day.