Activist investment firm Engine No. 1 has sent a letter to Exxon Mobil Corp, asking America’s largest oil company to slash greenhouse gas emissions to zero by 2050. The company also calls for a reshuffle in Exxon’s board of directors, saying that the firm requires board members with deep insights and expertise who will guide the company into a sustainable and profitable path.
Exxon has been responding to mounting investors’ pressure by appointing a new board member, setting a new target to cut emissions, and committing $3 billion investment in carbon capture over the next five years. It also said that its emissions reductions plans are consistent with the Paris climate accord.
However, Exxon’s emission reduction plan is only for 2025, and Engine No. 1 wants the company to do more. The investment firm said Exxon needs to aim for zero emissions by 2050 to be aligned with the Paris Agreement.
