Exxon expands renewable fuel agreement amid clean energy push
Exxon Mobil said it has expanded an agreement to buy more renewable diesel from Global Clean Energy’s biorefinery in Bakersfield, California, as climate policies pressure companies to cut their carbon emissions and opt for cleaner fuels.
The largest U.S. oil producer has been facing pressure from environmentalists and investors to do more for climate change and for the first time, it reported emissions from burning its fuels such as gasoline and jet fuel earlier this year.
Earlier this month, the Treasury Department released details of a tax hike proposal that would replace subsidies for fossil fuel companies with incentives for production of clean energy under President Joe Biden’s infrastructure plan.
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