ExxonMobile on Tuesday pledged to hit net-zero carbon emissions by 2050, with the hopes of catching up with its rivals like Shell and BP that have already made the commitment.
The American oil and gas corporation estimated it released about 762 million tons of greenhouse gasses in 2020 - 650 million stems from consumption of oil and gas and 112 million tons was from operations.
However, Tuesday's announcement only focuses on cutting the 112 million tons, which is just 15 percent of Exxon's total emissions.
'This announcement is not significant, but it is long overdue,' Paasha Mahdavi, assistant professor at the University of California, Santa Barbara, told DailyMail.com in a phone interview.
'Exxon can hit this [112-million-ton] target just by cleaning up its operations such as making sure pipes are not leaking methane, which they should have been doing this entire time.
'It is still a far cry from what we need to hit climate goals.'
Scroll down for video
ExxonMobile on Tuesday pledged to hit net-zero carbon emissions by 2050, with the hopes of catching up with its rivals like Shell and BP that have already made the commitment
Exxon mentioned on Tuesday that it has identified 150 potential steps and modifications to help reach its goals, such as electrification of operations with energy from renewable sources.
'The net-zero aspiration applies to Scope 1 and Scope 2 greenhouse gas emissions,' the company shared in the announcement.
Scope 1 covers covers direct emissions from owned or controlled sources and Scope 2 covers indirect emissions from the generation of purchased electricity, steam, heating and cooling consumed by the reporting company.
But Scope 3, which is the largest portion of Exxon's emissions, is not under the pledge - it includes all other indirect emissions that occur in a company's value chain.
The American oil and gas corporation estimated it released about 762 million tons of greenhouse gasses in 2020 - 650 million stems from consumption of oil and gas side and 112 million tons is from operations. However, Tuesday's announcement only focuses on cutting the 112 million tons, which is just 15 percent of Exxon's total emissions
'A lot of other companies understand that they will have to change their business models to adhere with regulations,' Mahdavi said.
'They are adopting renewable energies, whether it is EVs [electrical vehicles], solar, wind or geothermal.'
'Exxon, however, is saying 'we don't believe in any of that, we believe in the future of oil and gas'. And they are just going to clean up their operations.'
'That has been their approach for the last decade and they have been the biggest and most profitable company and felt they could win this game - as in be the last one to pump oil.'
'The reality is none of these companies will be producing oil and gas what we need.'
Mahdavi continued to explain that other, smaller companies that focus on the environment will eventually swoop in and take over the industry.
Exxon mentioned on Tuesday that it has identified 150 potential steps and modifications to help reach its goals, such as electrification of operations with energy from renewable sources. however, the public is skeptical about its pledge
'This announcement is not significant, but it is long overdue,' Paasha Mahdavi, assistant professor at the University of California, Santa Barbara, told DailyMail.com in a phone interview. But some say the plan is completely bogus
'It is good that Exxon is cleaning up methane, but it just fits its own agenda,' he said.
Although it may sound near impossible to regulate
