Carbon capture and storage will be the initial focus of the ExxonMobil. It’s a technology that has become extremely important, for companies who want to achieve net zero emissions and the climate goals as mentioned in the Paris Agreement. We are explaining that company’s plans to commercialize the extensive low-carbon technology. The new business is meant to utilize over 20 new carbon capture and storage opportunities around the globe, in order to achieve large-scale emission reductions. The company is giving great importance to the lower-emission energy solutions and it plans to invest $2.9 billion in them through 2024.
Low Carbon Solutions will be led by Joe Blommaert, who has been a part of this industry for over 30 years and has served in product marketing, technology advancement, and operations.
The business would involve the process of CCS, which would capture the CO2 that would have been released into the atmosphere as a result of industrial activity. The CO2 will be injected into deep geological formations for secure, safe, and permanent storage.
CCS has gained a lot of attention in recent times, and even the United Nations Intergovernmental Panel on Climate Change and the International Energy Agency has called it a very crucial important low-carbon technology, which can achieve climate goals at the lowest cost. It’s also among the few technologies that allow industry sectors to decarbonize, including the chemicals, cement, refining, and steel sectors. The company has employed this technology for over 30 years, and it was the first company to more than 117 million tons of CO2.
The chairman and chief executive officer, Darren Woods, told that the company intends to meet the demand for affordable energy while managing the risks of climate change and reducing emissions at the same time. He also said that they have the expertise to take these technologies to market and make a significant difference.