ExxonMobil targets net zero emissions by 2050

ExxonMobil pledged Tuesday to reach  "net zero" greenhouse gas emissions in its operations by 2050, but stopped short of extending the promise to products it sells throughout the global economy.

The petroleum giant's promise covers  "Scope 1" and  "Scope 2" emissions, which account for carbon emissions from ExxonMobil operations, as well as emissions associated with the purchase of heating or cooling at its facilities, according to a company press release.

But the US oil giant, which has long been criticized by environmentalists over its climate record, avoided targets on  "Scope 3" emissions, which are those from products sold, such as the gasoline consumers buy. Some European companies such as Total have pledged to cut those emissions as well.

Environmental activists have argued that oil needs to be phased out if the world is to avoid catastrophic climate change, and immediate plans are necessary to reduce  "Scope 3" emissions. The move comes on the heels of ExxonMobil's earlier announcements that boost spending on lower-emissions technologies.