The company announced it plans to reach net zero carbon emissions by 2050. There are just a few teeny, tiny problems.
. What they are useful for, though, is allowing Exxon to keep digging up oil and gas while promising that’s it’s trying really hard to figure out how to fix this whole huge source of carbon pollution thing. 🥺🥺🥺 Or as Woods put it in the press release announcing the big plan, “We will create shareholder value by adjusting investments between our existing low-cost portfolio and new lower-emission business opportunities to match the pace of the energy transition.
The company also talks a lot about lowering carbon intensity along the way. That basically means its operations will become more efficient at digging up oil and gas. This is a very convenient metric for Exxon because it can point to emitting less carbon per barrel of oil extracted, even as it extracts more oil.None of this even gets into how vague net zero goals actually are in the first place. Companies are announcing them like they’re going out of style, but there’s no accepted metric for how to get there.
Look, it’s very nice Exxon and other oil companies are putting out these broad plans. But it also shows the utter futility of allowing corporate actors to set the climate agenda. There’s no accountability and very little attention paid to the physics at hand or
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