According to an Environmental Defense Fund (EDF) statement from Matt Watson, Associate Vice President, Climate and Energy, ExxonMobil has announced its intention to reduce oil and gas methane emissions by 15% and flared gas volumes by 25% across its global oil and gas operations by 2020. A recent International Energy Agency (IEA) report concluded that global oil and gas methane emissions could be reduced by up to 75% using technologies available today, with two-thirds of those reductions achievable at no net cost.
“ExxonMobil’s methane commitment is an important and welcomed step, but greater ambition will be required. In a carbon-constrained world, oil and gas industry leaders should seek to virtually eliminate emissions of this highly-potent greenhouse gas.
“ExxonMobil’s commitment is evidence of growing global momentum to address this urgent climate issue. With increased scrutiny from consumers and investors, setting strong methane targets – and delivering on those reductions in ways that are transparent and verifiable – is simply good business, positioning industry leaders to be more competitive in the transition to a cleaner energy future.”