Society continues to face the dual challenge of meeting energy demand to support the economic growth needed for improved living standards, while simultaneously addressing the risks posed by rising greenhouse gas emissions and climate change. While future temperature changes and the associated impacts are difficult to accurately predict, we believe the risks of climate change are real and warrant thoughtful action.
ExxonMobil is committed to providing affordable energy to support human progress while advancing effective solutions to address the risks of climate change. Our climate change risk management strategy includes four components: engaging on climate change policy, developing future technology, mitigating greenhouse gas
emissions in our operations and developing solutions that reduce greenhouse gas emissions for our customers.
Engaging on climate change policy
Climate change is a global issue that requires the collaboration of governments, companies, consumers and other stakeholders to create global solutions. We believe countries need to work together to craft policies aimed at mitigating greenhouse gas emissions that recognize the priorities and needs of both developed and developing countries. We engage stakeholders directly and with trade associations around the world to encourage sound policy solutions for addressing these risks.
Attributes of sound climate policy
ExxonMobil believes the long-term objective of effective policy is to reduce the risks posed by climate change at minimum societal cost, in balance with other societal priorities such as poverty eradication, education, health, security and affordable energy.
Policies need to be clear and guard against duplicative, overlapping and conflicting regulations, which send mixed signals to the market and impose unnecessary costs on consumers. We believe that effective policies are those that:
- Promote global participation;
- Let market prices drive the selection of solutions;
- Ensure a uniform and predictable cost of greenhouse gas emissions across the economy;
- Minimize complexity and administrative costs;
- Maximize transparency; and
- Provide flexibility for future adjustments to react to developments in climate science and the economic impacts of climate policies.
Only through a sound global policy framework will the power of markets and innovation enable society to find cost-effective solutions to address the risks of climate change, while at the same time continuing to address the many other challenges the world faces.
Developing future technology
As society transitions to lower greenhouse gas emission energy solutions, technological advancements that change the way we produce and use energy will be instrumental in providing the global economy with the energy it needs while reducing greenhouse gas emissions.
At the center of our research is ExxonMobil’s Corporate Strategic Research laboratory, a fundamental research institution with approximately 150 Ph.D. scientists and engineers focused on addressing the company’s long-range science needs. The laboratory’s scientists are internationally recognized experts in their field. Our research portfolio, as illustrated in the graphic, includes a broad array of programs, including biofuels, carbon capture and sequestration (CCS), alternative energy and climate science.
Mitigating greenhouse gas emissions in our operations
ExxonMobil has a robust set of processes designed to improve efficiency, reduce emissions and contribute to effective long-term solutions to manage climate change risks. In the near term, we are working to increase energy efficiency while reducing flaring, venting and fugitive emissions in our operations. In the medium term, we are deploying proven technologies such as cogeneration and carbon capture and sequestration where technically and economically feasible. Longer term, we are conducting and supporting research to develop breakthrough, game-changing technologies.
Developing solutions that reduce greenhouse gas emissions for customers
While ExxonMobil strives to improve efficiency throughout our own operations, we are also delivering solutions that enable our customers to reduce their own emissions and improve their own energy efficiency as well as increase reliability, performance and longevity of the associated products. These solutions can be
- Expanding the supply of cleaner-burning natural gas to reduce emissions in power generation;
- Developing premium, high-efficiency fuels and lubricants; and
- Creating innovative chemical materials that can be applied in a range of consumer products.
For example, our next-generation plastic packaging reduces total product weight and allows more products per shipment, fewer trucks on the road, less gasoline and energy used, fewer greenhouse gas emissions and ultimately less material to be reused, recovered or recycled.
Read more about managing climate risks
ExxonMobil is committed to providing affordable energy to support human progress while advancing effective solutions to address the risks of climate change. Read more about managing climate risks at exxonmobil.com.