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.
Both companies have been developing plans since 2018 and a final investment decision is expected in mid-2021, with start-up anticipated in 2023. The new plant will convert difficult-to-recycle mixed plastic waste into raw materials that can be transformed into certified circular polymers and other high-value products at ExxonMobil’s petrochemical complex. The project has received financial support from the French government.
Plastic Energy is a global leader in advanced recycling, specialising in recycling end-of-life plastics that would otherwise be destined for landfill, incineration or end up in the environment. It will build, own and operate an advanced recycling plant adjacent to ExxonMobil’s Notre Dame de Gravenchon petrochemical complex in France.
“Our plans with Plastic Energy demonstrate how industry, government and consumers can work together to build a more circular system to capture value from post-use plastic,” said Karen McKee, president of ExxonMobil Chemical Company. “We’re well-positioned to add value through our expertise in plastic manufacturing and high-performance products to help advance projects like this, which deliver sustainable solutions at scale.”
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