United States – ExxonMobil released an investor presentation which details the company’s strategy to a lower-carbon future. Part of the plans is the capture and storage of 100 million metric tons of CO2 per year by 2040.
ExxonMobil’s presentation outlines how it is investing in lower-carbon technologies to expand business opportunities over the longer term. The presentation highlights the new ExxonMobil Low Carbon Solutions business. Which is working to commercialize technologies to reduce emissions in hard-to-decarbonize sectors, such as power generation, commercial transportation and heavy industry.
The technologies include carbon capture and storage (CCS), which will be the initial focus of Low Carbon Solutions, as well as hydrogen, and advanced biofuels. Demand for these lower-emission technologies could create multi-trillion dollar markets by 2040. ExxonMobil claim it has captured approximately 40 percent of all anthropogenic CO2 ever captured, the equivalent to planting approximately 2 billion trees.
ExxonMobil recently announced a multi-industry CCS concept that has the potential to significantly decarbonize heavy industries located near the Houston ship channel. Early projections indicate that, with the appropriate enablers, it could remove approximately 100 million metric tons of CO2 per year by 2040. Estimated costs of the project: 100 billion dollars.
ExxonMobil proposes building a pipeline in the Houston Ship Channel region to gather carbon dioxide from industrial facilities, including chemical plants and refineries. The CO2 would be pumped into a reservoir thousands of meters below the seabed, where ExxonMobil claims it will be sealed by impermeable rock.