ExxonMobil has said it plans to achieve net zero greenhouse gas emissions for operated assets by 2050.

The net-zero ambition is contained in the company’s Advancing Climate Solutions – 2022 Progress Report and applies to Scope 1 and Scope 2 greenhouse gas emissions. It also includes net-zero emissions for Permian Basin operations and ongoing investments including carbon capture and storage, hydrogen and biofuels.

Initial actions prioritize energy efficiency measures, methane mitigation, equipment upgrades and the elimination of venting and routine flaring. Further reduction opportunities include power and steam co-generation and electrification of operations, using renewable or lower-emission power. The company expects to finalize details that address approximately 90% of operations-related greenhouse gas emissions by the end of this year, and the remainder will be completed in 2023.

Compared to emission levels in 2016, the time of the Paris Agreement, the firm’s 2030 plans include a 20-30% reduction in corporate-wide greenhouse gas intensity, which includes 40-50% reduction in upstream greenhouse gas intensity, 70-80% reduction in corporate-wide methane intensity, and 60-70% reduction in corporate-wide flaring intensity.

ExxonMobil says the 2030 emission-reduction plans are expected to achieve World Bank Zero Routine Flaring by 2030 and reduce absolute greenhouse gas emissions by an estimated 30% for the company’s upstream business and 20% for the entire corporation. Similarly, absolute flaring and methane emissions are expected to decrease by 60% and 70%, respectively by 2030.

“ExxonMobil is committed to playing a leading role in the energy transition, and Advancing Climate Solutions articulates our deliberate approach to helping society reach a lower-emissions future,” said Darren Woods, chairman and chief executive officer. “We are developing comprehensive roadmaps to reduce greenhouse gas emissions from our operated assets around the world, and where we are not the operator, we are working with our partners to achieve similar emission-reduction results.”