Thursday 11 November 2021

ExxonMobil to invest $15bn in low carbon tech

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.”