U.S. energy giants join global coalition to slow down climate change
Exxon Mobil said Thursday it was joining a corporate coalition working toward the goals of Paris climate change agreement, the boldest move yet by the oil giant that has faced criticism for past attempts to cast doubts about climate change.
The Irving-based company is one of the newest members of the Oil and Gas Climate Initiative, described as a “CEO-led initiative which aims to lead the industry response to climate change.”
Houston-based Occidental Petroleum and San Ramon, Calif-based Chevron also announced their memberships on Thursday. Founded in 2014, the coalition now includes 13 of the largest oil and natural gas companies representing 30 percent of the world’s oil and natural gas production.
Until now, the group did not include any firms based in the U.S., currently estimated to be the world’s largest producer of crude oil.
“It will take the collective efforts of many in the energy industry and society to develop scalable, affordable solutions that will be needed to address the risks of climate change,” Exxon Mobil Chairman and CEO Darren Woods said in a statement.
“Our mission is to supply energy for modern life and improve living standards around the world while minimizing impacts on the environment.”
The importance of the Oil and Gas Climate Initiative is heightened since these are the companies responsible for a large percentage of greenhouse gas emissions.
Fossil fuel combustion accounts for nearly 94 percent of U.S. carbon dioxide emissions, according to data from the Environmental Protection Agency. Oil and natural gas production, as well as abandoned wells, contribute nearly one-third of U.S. methane emissions.
The nonprofit CDP, formerly known as the Carbon Disclosure Project, calculated that 25 companies are responsible for 51 percent of industrial greenhouse gas emissions.
The Oil and Gas Climate Initiative says on its website that its members are “committed to the direction set out by the Paris Agreement on climate change. We support its agenda for global action and the need for urgency.”
The group is also working toward zero methane emissions, according its website. Methane is a powerful greenhouse gas that contributes to man-made climate change.
Exxon Mobil officials announced in May that they had set a goal of reducing methane emissions by 15 percent in the next two years.
It also set a 2020 deadline to reduce flaring of natural gas by 25 percent.
Although this coalition predates President Donald Trump’s administration, it does reflect a broader pushback against the U.S. decision to withdraw from the Paris Agreement. Individual companies, including Exxon Mobil, and other corporate coalitions have announced action to combat climate change.