ASSESSMENT OF EXXONMOBIL’S CLIMATE STRATEGY

The briefing argues that ExxonMobil's climate strategy lacks the transparency and ambition required to align with a 1.5°C pathway. It finds that the company's projected 2030 oil and gas production levels significantly exceed IEA NZE requirements, while its financial allocations remain heavily skewed toward fossil fuels with no reported investments in renewable power generation.

• ExxonMobil's climate plan lacks sufficient transparency for stakeholders to assess its alignment with a 1.5°C pathway, specifically omitting absolute and relative GHG reduction targets for scope 3, detailed CAPEX breakdowns by activity, and the specific reference scenario used for its targets.
• Based on current producing fields and those under development or evaluation, ExxonMobil's 2030 production is projected to be 14% higher than the level required by the IEA's 1.5°C-aligned Net Zero Emissions (NZE) scenario.
• If ExxonMobil achieves its target of 4,200 kboe per day by 2027 and maintains that plateau through 2030, its production will be 39% above the IEA NZE requirement.
• The company continues to expand into unconventional resources, which make up 64% of its currently developed oil and gas resources, including fracking, tar sands, and ultradeep water activities.
• ExxonMobil's financial allocations are heavily focused on fossil fuels and shareholder returns; in 2022, it allocated US$22.6 billion to oil and gas and US$30.4 billion to shareholders, while reporting no investments in renewable power generation.
• The company's decarbonization strategy relies heavily on Carbon Capture and Storage (CCS), with a target to capture and offset 50Mtpa of CO2e by 2030, which the report notes as a material risk due to the technology's current limitations.

APA

Delaporte, L.-M., & Her, H. (2023). ASSESSMENT OF EXXONMOBIL’S CLIMATE STRATEGY. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2023/04/20230413-briefing-climate-strategy-assessment-exxonmobil.pdf

Chicago

Delaporte, Louis-Maxence, and Henri Her. ASSESSMENT OF EXXONMOBIL’S CLIMATE STRATEGY. Reclaim Finance, 2023. https://reclaimfinance.org/site/wp-content/uploads/2023/04/20230413-briefing-climate-strategy-assessment-exxonmobil.pdf.

Wikipedia

{{cite report |last1=Delaporte |first1=Louis-Maxence |last2=Her |first2=Henri |title=ASSESSMENT OF EXXONMOBIL’S CLIMATE STRATEGY |publisher=Reclaim Finance |date=April 2023 |url=https://reclaimfinance.org/site/wp-content/uploads/2023/04/20230413-briefing-climate-strategy-assessment-exxonmobil.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{delaporte2023assessment, author = {Delaporte, Louis-Maxence and Her, Henri}, title = {{ASSESSMENT OF EXXONMOBIL’S CLIMATE STRATEGY}}, institution = {Reclaim Finance}, year = {2023}, month = apr, url = {https://reclaimfinance.org/site/wp-content/uploads/2023/04/20230413-briefing-climate-strategy-assessment-exxonmobil.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }