As one can see, a significant number of major oil companies have publicly set net-zero environmental pledges by 2050, many within the last few months. A big reason for such a rallying call is the market's growing recognition of corporate ESG credentials. Against this backdrop, it appears that the emissions reduction theme is particularly vibrant in Europe where most of the oil supermajors have invested heavily in renewable energy, apart from having clear decarbonization plans. On the other hand, U.S. biggies like ExxonMobil ( XOM - Free Report ) and Chevron ( CVX - Free Report ) are yet to come up with any credible long-term GHG regulation targets like their European counterparts though there are rumblings that ExxonMobil is considering going net zero by 2050. There is no doubt that the Oil/Energy space has stepped up efforts toward a decarbonization goal. At the same time, the pathway to balance the amount of harmful emissions is not without its share of challenges.