Exxon vows to cut emissions from operations to ‘net zero’ — but won’t exit fossil fuels anytime soon

Exxon Mobil Corp. intends to reduce or offset greenhouse-gas emissions from its operations, hitting net zero by 2050, as investor and public pressure has intensified on the energy sector to address the climate change its products accelerate.

The U.S. oil giant XOM, -0.14% said Tuesday it has emission-reduction plans for major facilities and assets and argues it can profitably navigate the global shift toward renewable energy sources RNRG, 1.25%.

Exxon’s goal doesn’t cover emissions from the refined oil CL00, natural gas NG00 and gasoline RB00it produces, rather focuses on operations. Further, it doesn’t apply to oil fields or other assets it is invested in but doesn’t operate.

Exxon believes it can achieve its goal through energy-efficiency measures, reducing methane leaks, upgrading equipment and eliminating the venting and routine flaring of natural gas.