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Exxon Accused by Activist Firm of ‘Distorting’ Emissions Targets

  • Emissions goal for 2025 is higher than 2010, Engine No. 1 says
  • Exxon says goals are consistent with global climate push

Exxon Mobil Corp.’s proxy battle with a fund manager intensified after the activist investor accused the oil giant of obscuring the trajectory of its greenhouse gas emissions through disingenuous reduction targets.

Exxon’s chief carbon goal of cutting upstream emissions intensity -- a measure of pollution per barrel of oil produced -- by as much as 20% by 2025 is so limited it only includes about 10% of its overall carbon footprint, investment firm Engine No. 1 said Monday in a presentation. Even if Exxon achieved the goal, its emissions intensity would be 6% to 8% higher than in 2009-2010, according to its 81-page document.