ExxonMobil under fire despite group efforts to meet emissions targets by 2025 – Money

ExxonMobil | Darren Woods, Chairman of the Board and CEO of ExxonMobil, at the Russian Energy Week International Forum 2019. | Source: Getty Images

A group of activists criticizes ExxonMobil, an American oil and gas company, for not investing enough to meet its emissions targets here 2025. However, ExxonMobil is on the way to reaching them.

An activist group called Coalition for a Responsible Exxon (CURE) criticizes ExxonMobil for not having succeeded in fixing, this year, “Specific reduction targets for each segment of Exxon’s midstream and downstream businesses. However, the American oil and gas company has invested 12 billions of dollars in green energies . According to CURE, this alleged “failure” is due to the new board of directors of ExxonMobil, some of whose members are sponsored by Engine No. 1 . CURE activists call for the dismissal of Exxon CEO Darren Woods , despite the excellent financial results of the company in 2021.

One thing is certain: when ExxonMobil management accedes to this request next year, or the following year, CURE activists will shift their demands elsewhere and give the board a D – or just a D (the average). So CURE will reiterate its demand for the CEO’s dismissal.

CURE’s announcement came days after ExxonMobil said its subsidiary Esso Petroleum Company had entered into a memorandum of understanding with SGN and Green Investment Group (GIG) in order to “explore the use of hydrogen and CO capture 2 to help reduce emissions in the Southampton industrial hub. A press release from the three potential partners indicates that the potential annual demand for hydrogen from the pole could reach 12 TWh from here 2050, or enough to meet the heating demand of 740 outbreaks in the south of England. The Southampton hub is home to the Exxon’s Fawley Complex , the world’s largest refining and UK Petrochemicals.

Joe Blommaert , President of ExxonMobil Low Carbon Solutions , said, “Hydrogen has the potential to help provide customers access to affordable and reliable energy while minimizing emissions. We are pleased to participate in this collaboration which includes a technical study to assess the potential of the Fawley facility and play a key role in hydrogen production as well as carbon capture and storage solutions. With well-developed policy and regulations, hydrogen can help reduce emissions from the Southampton industrial area which provides products vital to modern life. ”

The project Southampton is one of Exxon’s many plans around the world for carbon capture and storage (CCS). Lately, the US oil and gas company has developed a massive project of 50 billions of dollars in the Houston area . This project would aim to capture emissions from the region’s largest industrial facilities, many of which are located along the Houston Ship Channel, and store them in underground caverns, depleted oil reservoirs and other open interstitial spaces located on the along the Gulf of Mexico coast in Texas and Louisiana. The initial objective of this project is to capture and store 37 millions of tons of carbon per year by 2025, then gradually increase this objective to 100 million tonnes per year from here 2030.

ExxonMobil also carries out CSC activities at its Labarge, Wyoming plant and recently announced its intention to expand its activities, which are already the largest in the world in terms of captured volumes. In addition to the existing operations in Qatar, this year, Joe Blommaert and his commercial group Low Carbon Solution have already identified potential global targets in Canada, the Netherlands, Scotland, Singapore, Russia, France and Belgium for of future CCS operations .

ExxonMobil is already the company that captures the most CO 2 worldwide. However, no matter how many projects it announces or implements, and no matter how many emissions targets it achieves, it will never be enough for activist groups like CURE.

It all becomes almost predictable. However, on the other hand, the management teams of oil and gas companies place great importance on predictability in their business planning. So maybe CURE is actually doing ExxonMobil a favor unintentionally.

Article translated from Forbes US – Author: David Blackmon

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