May 22, 2008 - ExxonMobil has published its annual sustainability report a week ahead of an annual shareholders' meeting that is expected to call the company's climate policy into question.

ExxonMobil's greenhouse gas emissions are down 3% from 2006 levels, and the company has invested $1 billion over the past four years in low-emissions cogeneration projects, according to the report. The oil and gas giant is also working with automobile and equipment manufacturers on new technologies to boost vehicle efficiency and fuel economy.

Moving forward, ExxonMobil says it plans to invest more than $100 million on improving natural gas treating technology, which could reduce costs for carbon capture and storage.

Over the longer term, ExxonMobil says it will be "conducting internal research and supporting academic research to accelerate development of commercially viable energy technologies to lower emissions on a global scale."

Critics charge, however, that ExxonMobil lags far behind others in the oil industry on capital investment for renewable energy projects. The company's revenues have soared to around $40 billion dollars, and its pledged $100 million budget for developing new natural gas technologies is just half the $206 million the company spent on community projects alone last year.

Access ExxonMobil's 2007 sustainability report here.