Scene Setter and Keynote Panelist: Pathway to a Low Carbon Future

Abstract

Few challenges are more important than meeting the world’s growing demand for energy and products that support modern life, while supporting society’s need to achieve net zero emissions by 2050. No single technology on its own can enable society to achieve its net-zero ambitions. Renewables, biofuels, energy efficiency, hydrogen, CCS are all necessary to achieve net-zero by 2050.

ExxonMobil has made a commitment for achieving net zero emissions from its operations by 2050. Since 2000, we have reduced and avoided 320 million metric tons of emissions through energy-efficiency initiatives and cogeneration projects. By 2030, we will achieve a 20 percent absolute reduction in corporate GHG emissions, (about 23 million metric tons), compared to 2016 levels.

We also intend to commercialise low-carbon technologies for deployment around the world, including carbon capture and storage (CCS), hydrogen and low-emission fuels. We see these technologies as the key enablers to reducing emissions from the highest-emitting sectors, such as heavy industry or commercial transportation. We have committed $17 billion in capex to low carbon solutions projects.

Governments will play a critical role in facilitating the development of markets for climate mitigation technologies, encouraging consumer behavior, and enabling the private sector to invest in the most effective technologies to meet demand. To achieve our 2050 goals, predictable, stable, cost-effective policies are necessary to incentivise the development and scalability of a wide range of low-carbon technologies across the economy.

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