ExxonMobil has announced that it will increase its investment into low carbon initiatives by $17 billion (£13.8bn) through to 2027.

This represents a 15% increase on what it had previously planned to invest between 2019 and 2027.

In its latest five-year plan, it has said that 40% of this will be invested into its own business – with a huge emphasis on hydrogen, carbon capture and biofuels.

It has pledged to hit net zero in its Scope 1 and 2 emissions by 2050 – and it claims it is on track to achieve its first 2030 emission reduction target.

Darren Woods, CEO, said: “We will continue to advocate for clear and consistent government policies that accelerate progress to a lower-emissions future.

“At the same time, we’ll continue to work to provide solutions that can help customers in other industries reduce their greenhouse gas emissions, especially in higher-emitting sectors of the economy like manufacturing, transportation and power generation.”