ExxonMobil launches Low Carbon Solutions business
ExxonMobil has created a new business to commercialise its extensive low-carbon technology portfolio. The new business, ExxonMobil Low Carbon Solutions, will initially focus on carbon capture and storage, one of the critical technologies required to achieve net zero emissions and the climate goals outlined in the Paris Agreement. It will be led by Joe Blommaert, who has more than 30 years of experience in the industry. The board of directors has elected him as a vice president of Exxon Mobil Corporation.
ExxonMobil launches Low Carbon Solutions business
CCS is the process of capturing CO2 that would otherwise be released into the atmosphere from industrial activity, and injecting it into deep geologic formations for safe, secure and permanent storage. The United Nations Intergovernmental Panel on Climate Change and the International Energy Agency agree that CCS is one of the most important low-carbon technologies required to achieve societal climate goals at the lowest cost.
ExxonMobil has more than 30 years of experience in CCS technology and was the first company to capture more than 120 million tonnes of CO2, which is equivalent to the emissions of more than 25 million cars for one year.
Plans are advancing for more than 20 new carbon capture and storage (CCS) opportunities around the world to enable large-scale emission reductions. ExxonMobil intends to invest $3 billion on lower emission energy solutions through 2025.
One of these projects is based in Scotland, where through its joint venture in the SEGAL system in north east Scotland, ExxonMobil is progressing discussions to support the Acorn project. This will collect CO2 from the St. Fergus gas processing complex for transport and storage in offshore gas reservoirs.
ExxonMobil Low Carbon Solutions will also leverage ExxonMobil’s significant experience in the production of hydrogen which, when coupled with CCS, is likely to play a critical role in a lower-carbon energy system. Other technology focus areas in ExxonMobil’s low carbon portfolio will be added in the future as they mature to commercialisation.
“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,” said Darren Woods, chairman and chief executive officer.
“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 percent of global CO2 emissions. We have the expertise that can help bring technologies to market and make a meaningful difference.”
The new projects will complement ExxonMobil’s current carbon capture capacity in the United States, Australia and Qatar, which totals about 9 million tonnes per year, the equivalent of planting 150 million trees every year.
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