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Exxon Sets New Emissions Goals Following Investor Criticism

  • Move follows pressure from D.E. Shaw on environmental concerns
  • Oil giant says plans are consistent with Paris Agreement goals
The Esso Fawley Oil Refinery, operated by Exxon Mobil Corp. in Fawley, U.K.

The Esso Fawley Oil Refinery, operated by Exxon Mobil Corp. in Fawley, U.K.

Photographer: Luke MacGregor/Bloomberg
Updated on

Exxon Mobil Corp. entered 2020 with a multiyear growth plan projected to significantly increase its greenhouse-gas emissions. Then came Covid-19 and criticism from activist investors over its record on climate and financial returns.

Now the year will end with Exxon setting new, more ambitious targets to reduce emissions per barrel of oil and disclose, for the first time, data on pollution related to customers’ use of its fuels.