American multinational oil and gas firm Exxon Mobil Corp. wants to cut down its carbon emissions to zero by 2050, the WSJ reported.

  • Sources close to the matter say members of Exxon’s board are now discussing the possibility of a net-zero pledge, but no decision has been made yet. Three of the members were elected by an activist hedge fund.
  • The company aims to roll out strategic measures on environmental and other issues in the remaining months of the year and remains committed to cutting down emissions.
  • Chief Executive Officer Darren Woods said the company backs the Paris climate agreement, which targets to limit the increase in global average to 1.5 degrees Celsius, but did not comment on a net-zero plan.
  • In March, Woods described carbon emission reduction targets as “ambitious” and said companies would have to dispose of their oil and gas assets to achieve this.

Exxon has instead committed to reducing its carbon intensity of the proportion of emissions to total energy produced. XOM is up 1.07%.