Exxon Announces ‘Net Zero’ Carbon Climate Plan

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ExxonMobil, one of the largest oil and gas companies in the world, and the largest manufacturing employer in Louisiana, has announced an ambitious climate change plan. The company says it will go 'net zero' with carbon emissions by the year 2050.

This is a massive turnaround for the company, who's CEO had been arguing against these type of pledges less than two years ago. At that time, CEO Darren Woods said that his company was not going to get into a climate "arms race" with other oil companies. At that time, many European-based oil and gas companies were pledging to reduce carbon emissions, something that Woods did not want Exxon to get involved with.

But less than 24 months later, Woods says Exxon will be reducing their carbon emissions to 'net zero' by 2050. However that is a pretty narrow definition.

Exxon's plan does not include the carbon emissions from its users or suppliers. They are strictly referring to their exploration and manufacturing. This plan includes over 100 modifications to practices that the company plans to implement to help them achieve this goal.

Woods, Exxon CEO, told The New York Times:

“We’ve got a line of sight. By the end of this year, 90 percent of our assets will have road maps to reduce emissions and realize this net-zero future.”

It is yet to be seen what, if any, impact this will have on Louisiana. Exxon is the largest manufacturing employer in the state, and the second largest overall employer in the state.