Carbon capture market will hit $4tn, says ExxonMobil

It believes carbon capture will dominate 60% of the $6.5tn market by 2050

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The carbon capture and storage (CCS) market will be worth $4 trillion by 2050, claims ExxonMobil.

CCS takes carbon emissions from industrial processes or burning of fuels and transports it to be stored underground or used to create new products.

Oil and gas companies have placed heavier focus on carbon capture, with it being seen key to mitigating climate change and global warming.

ExxonMobil predicts that more companies will look to expand CCS, to not only meet green targets but also as the market changes and adapts – moving away from oil and gas dominance to greener energy types and new ways to grow financially.