ExxonMobil to invest $15bn in low carbon tech

It will invest the money over the next six years in initiatives and technologies such as CCS, hydrogen and biofuels

Big Zero Report 2023

ExxonMobil has pledged to invest $15 billion (£11.2bn) during the next six years in initiatives that slash greenhouse gas (GHG) emissions.

It has stated that it is also set to achieve its 2025 emission-intensity reduction goals four years ahead of schedule.

The majority of the funding will go towards its low carbon solutions business, which aims to tackle hard-to-decarbonise sectors such as heavy industry, transportation and power generation.

The company will also look to accelerate progress in carbon capture and storage (CCS), hydrogen and biofuel technologies – ExxonMobil claims it has captured more human-made carbon dioxide than any other company.

It is looking to help build CCS hubs in the US, Scotland, France, Belgium, the Netherlands and Singapore.

CEO Darren Woods said: “We develop and deploy solutions that meet society’s needs. Today, that means taking a leading role in providing the products that enable modern life, reducing carbon emissions and developing needed technologies to advance a lower carbon emissions future.”

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