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Exxon aims to cut methane emissions 15% by 2020, slash gas flaring by 25%

Following its carbon tax pitch to provide climate policy certainty, Exxon Mobil Corp. announced May 23 that it would take measures to reduce its greenhouse gas emissions across its operations.

From 2016 levels by 2020, the company plans to reduce its global methane emissions by 15% and to lower its natural gas flaring across its global operations by 25%, with the most significant reductions occurring at its West Africa operations, which include third-party infrastructure.

"We have a longstanding commitment to improve efficiency and mitigate greenhouse gas emissions," Exxon chairman and CEO Darren Woods said. "Today's announcement builds on that commitment and will help further drive improvements in our business."

The announcement comes amid a tug-of-war between activist investors and energy companies over how aggressive the companies should be in addressing climate-related issues.

Some investors have urged energy companies to ramp up efforts to address climate change, but some of them have pushed back on resolutions calling for stricter emissions targets and more transparency around climate risk and lobbying efforts.