Methane is a powerful greenhouse gas emitted during oil and gas extraction, and “flaring” is the common burning of unwanted gas during oil extraction and processing. It also published targets to reduce methane intensity by 40-50% and “flaring” intensity by 35-45%. In plans the company called “ projected to be consistent with the goals of the Paris Agreement”, the company committed to reduce the intensity of upstream (Scope 1 and 2) emissions from its operated assets by 15-20% compared to 2016 levels, which it says is expected to deliver around 30% in absolute emission reductions for its "Upstream" business. Months later, in December 2020, Exxon bowed to investor pressure and issued targets for its own business. In March 2020, CEO Darren Woods dismissed oil and gas companies’ emissions intensity targets and divestment of fossil fuel assets as a “ beauty competition”, pointing instead to steps to resolve climate change for society as a whole. While ExxonMobil says it supports the Paris Agreement, the vast majority of its operations remain focused on fossil fuels. More and quicker emissions reductions would be required to limit temperature rise to the Paris goal of 1.5☌ and to avert more climate harms to people and to the environment. In this scenario, total temperature rise is limited to 1.75☌ by 2100. The Benchmark estimates that over $10.4 billion of Exxon’s 2019 capital expenditure on ‘upstream’ fossil fuel extraction and production, and 88% of the company’s future capital expenditure, conflict with the International Energy Agency’s ‘Beyond Two Degrees’ scenario. Exxon’s short-term targets are not considered by the Benchmark to cover all its emissions or to align with net zero pathways.ĮxxonMobil is also scored ‘No’ for failing to commit to align its capital allocation (investments) with its targets, let alone with the Paris Agreement goal to limit global temperature rises to 1.5☌ above pre-industrial levels. The Climate Action 100+ Net Zero Company Benchmark finds that ExxonMobil meets none of the Benchmark’s targets criteria – ExxonMobil does not have either an ambition to reach ‘net zero’ or net zero-aligned short, medium and long-term GHG reduction targets which cover its emissions. The company’s 2025 targets have been rejected as falling far short of the Paris goals and woefully inadequate for ignoring the vast majority of its climate impacts in the form of its Scope 3 emissions. He said the Fund needed to change the structure of its board so it could “cease to be regarded as mainly an American-European institution and become a truly multilateral institution”.ExxonMobil has not set a company-wide net-zero emissions target consistent with the Paris Agreement temperature goals. “We can only hope that over-represented advanced countries will realise that they may do great harm to the Fund if they attempt to block or delay quota and voice reform,” Brazilian Finance Minister Guido Mantega said on Sunday. Major developing nations are demanding an increase in voting power that would see the developed world shift at least 7 percentage points of its share to emerging countries. ![]() The IMF, which has lent more than $50 billion to countries around the world this year, says it needs more resources to oversee the recovery of the global economy and prevent future crises.īut this depends on giving emerging market economies a greater stake in the institution. Mantega said the International Monetary Fund needed to change the structure of its board so it could "cease to be regarded as mainly an American-European institution and become a truly multilateral institution". Brazil's Finance Minister Guido Mantega is seen in Brasilia in this Septemfile photo.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |