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(Bloomberg) — Exxon Mobil Corp. pledged to spend $3 billion on low-emission technologies through 2025 to address investor concerns over its environmental record, unveiling a plan that comprises several projects that have already been announced. Exxon said Monday in a statement it will “commercialize” its low-carbon technology initiatives through a new venture called ExxonMobil Low Carbon Solutions. The announcement, made on the eve of Exxon’s fourth-quarter earnings report, comes as the Irving, Texas-based company faces intense pressure from environmentalists and investors for not moving fast enough on climate change and also for delivering weak financial performance compared with peers. Shareholder D.E. Shaw & Co. is in talks about adding new directors to Exxon’s board, according to people familiar with the matter, and activist investor Engine No. 1 last week revealed its own slate of nomination . Exxon has sought to fend off some of the criticism with targets to reduce methane leaks and emissions intensity. Its latest response is an increased focus on carbon capture, a technology favored by many other large oil and gas producers. But investors looking for a meaningful strategic shift may be disappointed. The planned investments announced Tuesday represent less than 5% of the oil […]
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