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Wednesday, January 6, 2021
Exxon Mobil Corp. disclosed emissions data on customers’ use of its fuels and other products for the first time this week. The decision to release the information comes under pressure from investors to provide the data.
Exxon’s Scope 3 emissions from petroleum-product sales were equivalent to 730 million metric tons of carbon dioxide in 2019, according to the company’s Energy and Carbon Summary released Tuesday. This is the highest total of all major Western oil companies.
Exxon has come under pressure from activist investors in recent weeks for its poor shareholder returns and environmental record. Last month, Bloomberg News reported that major investors such as AllianceBernstein, Wellington Management and California State Teachers’ Retirement System have called on Exxon and the industry to increase transparency and publish more forward-looking emissions data, like the kind it routinely uses internally.
Most major oil companies already release their data and Exxon has been slow coming to the party, but as pundits have long predicted, shareholder pressure forced the company’s hand.
Exxon in December announced it would set more ambitious targets to reduce emissions per barrel of crude but did not make any pledges related to reducing its absolute level of pollution.
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