ExxonMobil (NYSE: XOM) has revealed that it has created a new business to commercialize its low-carbon technology portfolio.
The new business, called ExxonMobil Low Carbon Solutions (ELCS), will initially focus on carbon capture and storage (CCS), according to Exxon, which labeled CCS as one of the critical technologies required to achieve net zero emissions and the climate goals outlined in the Paris Agreement.
Led by Joe Blommaert, ELCS is said to be advancing plans for more than 20 new CCS opportunities around the world to enable large-scale emission reductions. Exxon highlighted that new CCS projects and partnerships are under evaluation in several regions, including the U.S. Gulf Coast, Wyoming, the Netherlands, Belgium, Scotland, Singapore, and Qatar.
Exxon noted that the new projects will complement its current carbon capture capacity in the United States, Australia and Qatar, which it said totals about nine million tons per year. Since 2000, Exxon has spent more than $10 billion to develop and deploy higher-efficiency and lower-emission energy solutions across its operations, the company highlighted.
“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’s chairman and chief executive officer, said in a company statement.
“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,” he added.
“We have the expertise that can help bring technologies to market and make a meaningful difference,” Woods continued.
As Exxon highlights on its website, CCS is the process of capturing CO2 that would otherwise be released into the atmosphere from industrial activity and injecting it into geologic formations for permanent storage. Exxon has an equity share in about one-fifth of global CO2 capture capacity and has captured approximately 40 percent of all the captured anthropogenic CO2 in the world, the company’s website states.
To contact the author, email andreas.exarheas@rigzone.com
No comments:
Post a Comment