There is no standard definition for net zero, and specifics vary company to company, which has led some to dismiss the pledges as exercises in image management.
Mr. Woods previously said net-zero commitments amount to a “beauty competition,” if companies only seek to achieve them by selling oil reserves to peers, so shifting the resulting carbon emissions from one set of books to another. Exxon has said for years that it supports the goals of the Paris climate agreement, an international accord that aims to limit the increase in the global average temperature to less than 2 degrees Celsius above preindustrial levels and pursue efforts to limit the increase to 1.5 degrees. But it has previously stopped short of a net-zero pledge.
Unlike some of its European peers, Exxon has eschewed investments in renewable-power generation as a business, but it said Tuesday it would continue to electrify its operations, using renewable or lower-emission energy to power them.
One man's Scope 3 is another's Scope 1.
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