ExxonMobil revealed its Scope 3 emission data for the first time in its latest Energy & Carbon Summary after mounting pressure from investors and environmental activists. The so-called Scope 3 data covers emissions resulting from customers using Exxon products including diesel, gasoline, and jet fuel. According to the report, Exxon’s Scope 3 emission reached 730 million tons of CO2 in 2019, higher than rival oil majors.
However, America’s largest oil producer downplayed the significance of the data, saying it did not provide meaningful insight into its emission-cutting efforts. Most global oil majors have already disclosed Scope 3 emissions, and some set reduction targets. Exxon said its Scope 3 disclosure was due to pressure from investors.
Exxon aims at reducing the greenhouse gas emissions intensity from its oilfield by 2025. However, such targets mean emissions could increase if production grows. The company also does not have an overall emissions target.
In December, activist firm Engine No. 1 launched a campaign aiming at replacing Exxon directors and calling for more spending and deeper pay cuts. Other investors such as hedge fund D.E. Shaw, the Church of England, and California State Teachers’ Retirement System have reportedly supported the campaign.
