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Exxon Mobil Plans To Bring Down Carbon Emissions To Zero By 2050

Oil and gas company Exxon Mobil Corp (XOM) is reportedly planning to pledge to reduce its net carbon emissions to zero by 2050.

According to reports, the discussions are taking place as the company is considering its future actions and plans. These deliberations are taking place two months after company shareholders replaced three directors with candidates that had been proposed by a new hedge fund. The hedge fund has been exerting pressure to improve returns and do more to become less carbon-dependent.

Even while the company is yet to make a formal announcement about the pledge, sources said that Exxon has in the pipeline a series of important steps on the environment and other issues, which will be implemented by year-end.

In a written response to rumors about the pledge, the company said that it is committed to working to decarbonize high-emitting sectors and invest in technologies that will help society achieve a net zero future. "Throughout our engagement process with shareholders, we have heard clearly their interest in our work in this area and affirm our commitment," Exxon added.

As per the current strategy, Exxon will bring down its greenhouse gas emissions by an estimated 30 percent in its oil and gas production business. All these moves are part of the company's plan so that the targets are met by 2025.

In July, the oil company decided upon plans to cut their greenhouse gas emissions as a proportion of output.

But Exxon's plan of reduced carbon footprints, which covers emissions from its direct operations and from the power used for these operations, is behind its European rivals. Other oil companies like BP Plc (BP.L) and Royal Dutch Shell Plc (RDSa.L) have also promised to reduced emissions from products sold.

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