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Exxon Ramps Up Low-Carbon Spending After Activist’s Board Victory

Exxon Gas Stations Ahead Of Earnings Figures
Photographer: David Paul Morris/Bloomberg

Exxon Mobil Corp. will ramp up spending on low-carbon energy by a factor of four just months after activist investor Engine No. 1 replaced a quarter of the oil giant’s board. 

Exxon will spend about $3 billion a year on climate-friendly investments through 2027, compared with a previous target that would have spread that spending out over the course of five years. The Irving, Texas-based company also said Friday that it will announce new emissions targets this year after reaching its previous goal four years ahead of schedule.