ExxonMobil has announced the creation of a new business that aims to help commercialise low carbon and emission-reduction technologies.
It plans to invest $3 billion (£2.19bn) in Low Carbon Solutions through 2025, with an initial focus on carbon capture and storage (CCS), one of the critical technologies required to achieve net zero emissions.
CCS is the process of capturing carbon dioxide that would otherwise be released into the atmosphere from industrial activity and injecting it into deep geological formations for safe, secure and permanent storage.
ExxonMobil claims to have been the first company to capture more than 120 million tonnes of CO2, equivalent to the emissions of more than 25 million cars for a year and has an equity share in around one-fifth of global CO2 capture capacity.
The new projects will complement the company’s current carbon capture capacity in the US, Australia and Qatar, which totals around nine million tonnes per year, the equivalent of planting 150 million trees every year.
Low Carbon Solutions will also leverage ExxonMobil’s experience in the production of hydrogen, which when coupled with CCS, is likely to play a critical role in a lower carbon energy system.
Darren Woods, Chairman and CEO said: “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.
“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% of global CO2 emissions. We have the expertise that can help bring technologies to market and make a meaningful difference.”