Initially, ExxonMobil Low Carbon Solutions will focus on carbon capture and storage, one of the critical technologies required to achieve net zero emissions and the climate goals outlined in the Paris Agreement.
Led by Joe Blommaert, the new company has plans for over 20 new carbon capture and storage (CCS) opportunities globally to achieve large-scale emission reductions.
CCS technology captures CO2 that would otherwise be released into the atmosphere from industrial activity, and injects it into deep geologic formations for safe, secure and permanent storage.
The United Nations Intergovernmental Panel on Climate Change and the International Energy Agency agree CCS is one of the most important low-carbon technologies required to achieve climate goals at the lowest cost.
CCS is also one of the only technologies that could enable some industry sectors to decarbonize, including the refining, chemicals, cement and steel sectors. ExxonMobil was the first company to capture more than 120 million tonnes of CO2, which is equivalent to the emissions of more than 25 million cars for one year.
ExxonMobil Low Carbon Solutions will also leverage ExxonMobil’s significant experience in the production of hydrogen which, when coupled with CCS, is likely to play a critical role in a lower-carbon energy system. Other technology focus areas in ExxonMobil’s low carbon portfolio will be added in the future as they mature to commercialization.
“With our demonstrated leadership in carbon capture and emissions reduction technologies, ExxonMobil is committed to meeting the demand for affordable energy while reducing emissions and managing the risks of climate change,” Darren Woods, ExxonMobil chairman and CEO, said on Feb. 1.
“We are focused on proprietary projects and commercial partnerships that will have a demonstrably positive impact on our own emissions as well as those from the industrial, power generation and commercial transportation sectors, which together account for 80 percent of global CO2 emissions. We have the expertise that can help bring technologies to market and make a meaningful difference.”
ExxonMobil is collaborating with partners across industry, academia and government to advance carbon capture technologies to reduce costs and enhance scalability. This includes the company’s work with FuelCell Energy to advance carbonate fuel cell technology to more efficiently capture CO2 from industrial facilities, and Global Thermostat, a collaboration to advance efforts to capture CO2 directly from the air.
ExxonMobil plans to invest $3 billion on lower emission energy solutions through 2025, the company previously announced.