Climate change risk management strategy
Society continues to face the dual challenge of meeting the world’s growing energy demand, while simultaneously addressing the risks of climate change. ExxonMobil believes the risks of climate change warrant thoughtful action. We are committed to providing affordable energy to support human progress while advancing effective solutions to address climate change. Our climate change risk management strategy includes four components: developing technology solutions, mitigating emissions in our operations, providing solutions that reduce greenhouse gas emissions for our customers and engaging on climate change policy.
Developing technology solutions
ExxonMobil is pioneering scientific research to discover innovative approaches to enhance existing — and develop next-generation — energy sources. 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. Our in-house research portfolio includes a broad array of programs, including biofuels, carbon capture and storage, alternative energy and climate science.
Mitigating emissions in our operations
ExxonMobil has a robust set of processes to improve efficiency, mitigate emissions and contribute to effective long-term solutions to manage climate change risks. These processes include, where appropriate, setting tailored objectives at the business, site and equipment levels, and then stewarding progress toward meeting those objectives. Since 2000, ExxonMobil has spent approximately $8 billion to develop lower-emission energy solutions.
Providing solutions for our customers
ExxonMobil is delivering solutions that enable our customers to reduce their emissions and improve their energy efficiency. One of the greatest opportunities for society to reduce greenhouse gas emissions is through the use of natural gas in power generation. On a life-cycle basis, from extraction through electricity consumption, using natural gas yields up to 60 percent fewer greenhouse gas emissions than coal. We predict natural gas will be one of the most important energy sources to drive reductions in greenhouse gas emissions. ExxonMobil is one of the largest natural gas producers in the world. Coupled with our leadership in the development of liquefied natural gas, we are well-positioned to meet growing demand for this cleaner-burning energy source.
Engaging on climate change policy
ExxonMobil believes the long-term objective of effective policy should be to reduce the risks of climate change at minimum societal cost, in balance with other priorities such as poverty eradication, education, health, security and affordable energy. We engage with stakeholders directly and through trade associations around the world to encourage sound policy solutions for addressing climate change risks. ExxonMobil supports the Paris Agreement, which addresses climate change as a global challenge for all nations.
Chairman and CEO
"I believe, and my company believes, that climate risks warrant action and it’s going to take all of us — business, governments and consumers — to make meaningful progress."