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Exxon Mobil, like other oil companies, is implementing strategies to reduce its GHG emissions. One of the key strategies is the electrification of operations with renewable power, which helps in reducing Scope 1 and Scope 2 emissions. However, Exxon Mobil is also facing pressure from activist investors to accelerate its divestment efforts, which could lead to more strategies being implemented in the future.
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Even oil companies are tracking their GHG emissions now. For example, the oil company Exxon Mobil recently made a pledge to reduce its Scope 1 and Scope 2 emissions through electrification of operations with renewable power. However, other oil companies like Shell, BP and Equinor all made plans to reduce Scope 3 emissions with investments in carbon capture, reforestation, or the sale of hydrocarbon businesses to invest more in renewable sources. Exxon is now a target of activist investors and will likely be pushed harder to accelerate its divestment efforts.
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