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ExxonMobil to invest over $15 bn in lower CO2 emission initiatives
ExxonMobil plans to invest more than $15 billion on lower CO2 emission initiatives in the coming six years.
This significant increase in spending will further accelerate efforts to reduce greenhouse gas emissions from its operated facilities. To that point, the company is on track to meet its 2025 emission-intensity reduction goals by the end of this year – four years earlier than anticipated.
“As a result of our progress, we’re working on even more aggressive reduction plans that are consistent with our support for the goals of the Paris Agreement, the U.S. and European Union’s Global Methane Pledge, as well as the U.S. Methane Emissions Reduction Action Plan announced last week,” the company said in a press release.
“A significant share of the spending will be directed toward our Low Carbon Solutions business, which is focused on reducing greenhouse gas emissions from hard-to-decarbonize sectors such as heavy industry, commercial transportation and power generation, which together account for more than 80% of the world’s energy-related emissions.”
“We see tremendous opportunities to use our technology and expertise in carbon capture and storage, hydrogen, and biofuels to support meaningful reductions in global emissions. We expect those opportunities to grow as policy support for low-carbon solutions increases.”
ExxonMobil is the world leader in carbon capture, and has captured more human-made CO2 than any other company.
“In recent months, we’ve announced several carbon capture and storage “hub” concepts where high-emission industries can share infrastructure, enabling benefits from economies of scale. Expanded use of carbon capture and storage can further improve the emission reductions associated with hydrogen and biofuels. “
“The interest we’ve received for the hub concepts has been extremely positive. “
Eleven companies, including ExxonMobil, have expressed interest in supporting a large-scale carbon capture and storage hub in the Houston industrial area.
“We believe that by 2040, it could be possible to annually capture about 100 million metric tons of CO2 from refineries, chemical plants and power generation facilities in the area. That’s equal to the greenhouse gas emissions today from more than 20 million gasoline-powered passenger vehicles.”
ExxonMobil also produces about 1.3 million metric tons of hydrogen annually, and is working to develop new technologies that significantly lower production costs.
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