Exxon pledges to reduce carbon emissions to zero by 2050

• Exxon plans to reduce emissions from oil, gas and chemical production

• Exxon announced to increase spending on projects aiming at lowering carbon emissions

Exxon Mobil Corp (NYSE: XOM) on Tuesday pledged to reduce its net carbon emissions from global operations to zero by 2050.

Exxon said it plans to reduce emissions from oil, gas and chemical production and also from the power those operations consume.

"We are developing comprehensive roadmaps to reduce greenhouse gas emissions from our operated assets around the world," Exxon Chief Executive Officer Darren Woods said in a statement.

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Last year, Exxon’s shareholders replaced three directors with an aim to boost returns and reduce company’s carbon footprints.

Exxon U.S. rival Chevron Corp (NYSE: CVX) also pledged last October to cut its emissions to zero by 2050 from its upstream operations.

Exxon decided in November to increase spending on projects aiming at lowering carbon emissions to $15 billion through 2027.

The oil giant in December pledged to achieve net-zero greenhouse gas emissions in its operations in the U.S. Permian Basin by 2030.

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European oil producers including BP Plc, Occidental Petroleum , ENI SpA and Royal Dutch Shell Plc have also pledged to reduce emissions.

Oil producers in Europe are leading the energy transition by planning to reduce oil production and instead use renewable wind and solar power.

Exxon and Chevron, on the other hand, plan to boost oil production in the decade as the global oil demand is expected to rise.

Picture Credits: Reuters