ASSESSMENT OF EXXONMOBIL’S CLIMATE STRATEGY

The report finds that ExxonMobil's strategy prioritizes oil and gas expansion and shareholder returns over sustainable energy, with 2030 production targets significantly exceeding NZE levels and a lack of investment in renewable power.

• ExxonMobil's investment strategy is heavily skewed toward fossil fuels and shareholder payouts. In 2024, the company invested US$26,700 million in oil and gas, with upstream activities accounting for 79% of total investments, while providing US$36,991 million to shareholders via dividends and buybacks.
• The company's 2030 oil and gas production targets are inconsistent with the IEA NZE scenario. Based on current producing fields and short-term expansion, production will be 9% higher than NZE levels; however, to reach its own target of 5.4 million barrels of oil equivalent (mmboe) per day, production would be at least 53% above NZE alignment.
• ExxonMobil is expanding its liquefied natural gas (LNG) capacity in a manner that exceeds NZE requirements. The company plans to add 14.1 Mtpa of liquefaction capacity by 2030, which would result in exceeding NZE capacities by 65.4%.
• The company's diversification efforts are described as marginal and focused on unsustainable energies. ExxonMobil plans to increase its gas power capacity by 68% by 2030 through six new units and targets biofuel production of 10.6 Mtpa, while reporting no installed renewable power capacity.
• ExxonMobil lacks comprehensive emissions targets, specifically regarding scope 3 emissions, which constituted 87% of its total emissions in 2024 (630 MtCO2e). The company has no scope 3 target for 2030 and has not committed to scope 3 carbon neutrality by 2050.
• The company relies heavily on Carbon Capture, Utilization and Storage (CCUS) to meet its goals, aiming to capture 30 Mtpa of CO2 by 2030, though the report notes this represents a material risk due to the technology's limited scale and high costs.

APA

Delaporte, L.-M., & Bogaert, A. (2025). ASSESSMENT OF EXXONMOBIL’S CLIMATE STRATEGY. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2025/05/202505_ExxonMobil__Climate-Strategy-Assessment.pdf

Chicago

Delaporte, Louis-Maxence, and Achille Bogaert. ASSESSMENT OF EXXONMOBIL’S CLIMATE STRATEGY. Reclaim Finance, 2025. https://reclaimfinance.org/site/wp-content/uploads/2025/05/202505_ExxonMobil__Climate-Strategy-Assessment.pdf.

Wikipedia

{{cite report |last1=Delaporte |first1=Louis-Maxence |last2=Bogaert |first2=Achille |title=ASSESSMENT OF EXXONMOBIL’S CLIMATE STRATEGY |publisher=Reclaim Finance |date=April 2025 |url=https://reclaimfinance.org/site/wp-content/uploads/2025/05/202505_ExxonMobil__Climate-Strategy-Assessment.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{delaporte2025assessment, author = {Delaporte, Louis-Maxence and Bogaert, Achille}, title = {{ASSESSMENT OF EXXONMOBIL’S CLIMATE STRATEGY}}, institution = {Reclaim Finance}, year = {2025}, month = apr, url = {https://reclaimfinance.org/site/wp-content/uploads/2025/05/202505_ExxonMobil__Climate-Strategy-Assessment.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }