ExxonMobil announced a new plan for reducing greenhouse gas emissions by 15-20% in addition to reduction of methane intensity by 40-50% and flaring gas by 35-45% by 2025, according to a press release.

The company elaborated that these reduction plans are expected to be consistent with the goals of the Paris Agreement. It noted that it will align with the World Bank’s initiative to eliminate routine flaring by 2030.

According to the press release, the plan will reinforce Exxon’s application of operational efficiencies and ongoing development and deployment of lower-emission technologies.

Darren Woods, chairman and CEO of Exxon Mobil commented that “These meaningful near-term emission reductions result from our ongoing business planning process as we work towards industry-leading greenhouse gas performance across all our business lines,”.

“We respect and support society’s ambition to achieve net zero emissions by 2050, and continue to advocate for policies that promote cost-effective, market-based solutions to address the risks of climate change.”, Woods added.