Can Exxon Mobil Actually Reduce Its Climate Emissions?

For years, Exxon Mobil was one of the largest publicly-traded companies in the United States. Coming climate legislation may target the core of the oil and gas giant's operation: production and exploration. The company says it will pivot. But the plan relies on capturing carbon from the oil it will keep pumping in the future. Watch the video to see what experts think of Exxon's green economy plans.

Oil giant Exxon Mobil, once the most valuable company in the U.S., is fighting for its future.

Over the summer, investors forced a change on Exxon’s board. Since then, the company has been speeding up plans for its green economy pivot, which includes carbon capture and storage.

Carbon capture is the process of capturing CO2 at its source. Companies can store the carbon dioxide permanently, but it is more profitable and common to use the captured carbon in further fossil fuel production.

Congressional researchers say U.S. companies have pioneered the technology worldwide, injecting roughly 68 million metric tons of carbon dioxide back into the ground every year.

Exxon Mobil recently announced a plan to increase the amount of carbon it captures from its refineries near Houston, Texas. The company says it has captured 40% of the world’s captured carbon to date.

But another count from the investors at Engine No. 1 suggests that Exxon may be capturing less than 1% of its own annual emissions on a rolling basis. This count includes Scope 3 emissions, a much broader accounting of a company’s planet warming potential. Exxon Mobil publicly disclosed an estimate of its Scope 3 emissions for the first time in 2021.

The company told CNBC it will try to flatten its production of fossil fuels through 2025, depending on market conditions. More changes could come as regulators around the world zero in on climate.

But carbon market scholar Kate Ervine said that “the devil is in the details” when it comes to writing climate policies that affect oil and gas majors.

About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.

Connect with CNBC News Online

#CNBC

How Realistic Is ExxonMobil's Climate Change Pivot?

[lanzer]

Also CNBC: "Please don't stop paying us ad revenue, Exxon!"

[cmontes]

Tesla is not more profitable. It's just has a hyper inflated market cap. That's is not the same as profitability.

[adambram]

Fun fact: Burning 1 gallon of gasoline emits about 20lbs of CO2. That’s kind of fascinating considering a gallon of gasoline only weighs 6.5 lbs per gallon. The reason is the chemical equation for combustion adds A lOT of O2 the a fossil fuel to get energy. All of that oxygen is where the extra weight comes from.

[williamdrijver]

People who complain about oil companies: well, stop flying and stop buying products made overseas. Currently there are no alternative fuels for merchant ships or airliners. The oil majors are not to blame, it's the consumers who cause the burning of kerosene and ship diesel.

[ajduker]

"The largest oil and gas company in the history of the US."

*Standard Oil enters the chat*

[antonioreid]

We all just saw the video with Keith McCoy, one of the top lobbyists at Exxon Mobil. Exxon is going to engage in a PR campaign of supporting a carbon tax, but in reality they are going to continue to lobby law makers to protect fossil fuel development.

Exxon Mobil was one of the top companies that engaged in a campaign of misinformation on climate change for over 40 years. The idea that Exxon would change its business is a total fantasy.

[FinancialShinanigan]

McDonald's selling salads
Philip Morris buying a inhaler company
Exxon investing in green energy

Companies change when it starts to affect their bottom line so vote with your money.

[Thebreakdownshow]

From my research on Exxon they are the worst offender in Albany ways than one. I am working a similar documentary exploring Exxon.

[briangeorge]

I'm no longer waiting for the GRANT LOAN because I earn $29, 700 every 10 days recently

[brandonjamison]

I love the comments from people who don’t work in the oil and gas field. It’s like telling a plumber how to fix a pipe when you called him for help.

[DymaxionDon]

Exxon is headed the same way as Sears and Roebuck.

[maladaptedmalarkey]

I think their answer to representative Porter spoke volumes, despite saying absolutely nothing. Until the CEO of Exxon Mobil states unequivocally that immediate carbon reduction is a fiduciary obligation to shareholders, it’s all green washing.

[Mark-jdjx]

What we should be doing is investing in Synthetic fuels, If done right and using renewable resources to create synthetic fuels will be clean. Getting rid of all the current ICE vehicles isn't the answer, think about how much resources it would take to rid of all these current vehicles on the road It's going to hurt the planet at the same time. Synthetic fuel is a clean option if done right.

[michaelseldon]

I really like how the producer of this program selected the interviewee line ups, such diverse view points. remarkable journalism

[georgeclinton]

Thank you, have been watching your channels for couple of weeks now and it's really good and really helping me through

[IStillLikeIke]

I don’t understand the hate for oil companies. We are the ones who use the oil! It’s still a very important energy source and I think has a net positive impact on people’s lives

[mikeyourbag]

Why not talk about how China produces more CO2 emissions than the top four countries in the world combined? Then correlate that to Americans consumption of Chinese made goods?

[robabiera]

Standard Oil didn't seize the oil trade, it created it. It did not have a monopoly. It was not immune from competition. Only the government can create genuine monopolies through the use of special protections.

[ezralimm]

We still use plastics. Farming and actual high torque / energy intensive machinery still use diesel (and EVs are unlikely to replace them). Gas is an important source of electricity and heating. My money is on Exxon. I dont think oil and gas is going anywhere.

[Alexbrwn]

Although Screens across global markets <have turned red again, as market sentiment shifts back towards risk aversion, due to the worsening situation in Ukraine. While the start to the day was rather shaky, there had been hopes that equities might continue to push higher even with the difficult backdrop of the war in Ukraine. But those hopes have evaporated. Previously strong sectors such as banking are beginning to feel the pressure as investors reassess the outlook both for global GDP and tighter monetary policy, the latter exemplified by a pushing back of expectations around the first European Central Bank rate hike. European markets continue to be the most affected, from a combination of closeness to Russia (both geographically and economically) and by the weaker earnings outlook here compared to the US. Kremlin pronouncements have become more strident today, further reducing the attractiveness of the continent’s equities. This is the worst possible time in history to invest as so many don't back up their crypto assets. More emphasis should be put into day trading as it is less affected by the unpredictable nature of the market. I have made over 13 btc with 2.1 btc from day trading with Kristina A McFadyen's Signal in few weeks, this is one of the best medium to backup your assets incase it goes bearishyou can reach Kristina on What'sapp✙17609919887..