To learn more, visit, the Energy Factor and Carbon capture and storage | ExxonMobil.Ĭautionary Statement: Statements of future events, investment opportunities or conditions in this release are forward-looking statements. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. Increasing the supply of products with lower life cycle greenhouse gas emissions enables the transition from higher-emissions alternatives.ĮxxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil continues to support an explicit price on carbon to establish consistent incentives and encourage investments.ĮxxonMobil is committed to helping society reduce overall greenhouse gas emissions by decreasing the company’s emissions intensity and developing and deploying emission-reducing technologies and products. Predictable, stable, cost-effective policies are necessary to incentivize the development and scalability of a wide range of low-emission technologies, including hydrogen and carbon capture and storage. Sound government policies will accelerate the deployment of key technologies at the pace and scale required to support a societal net-zero future. Over the next six years, the company plans to invest more than $15 billion on lower-emission initiatives and could increase investments with advancements in policy and technology. ExxonMobil has cumulatively captured more human-made CO 2 than any other company and has an equity share of about one-fifth of the world’s carbon capture and storage capacity, which amounts to about 9 million metric tons per year.ĮxxonMobil Low Carbon Solutions business was established to commercialize low-emission technologies and is focusing on carbon capture and storage, hydrogen and biofuels – technologies where the company can leverage its core competencies and competitive advantages. The company is uniquely positioned to participate in the growing hydrogen market and is evaluating strategic investments to increase the use of this important lower-emissions energy technology.Įqually important is the company’s more than 30 years of experience capturing and permanently storing CO 2. Evaluation and planning for the Baytown project are ongoing and, subject to stakeholder support, regulatory permitting and market conditions, a final investment decision is expected in two to three years.ĮxxonMobil has extensive experience with hydrogen and already produces about 1.5 billion cubic feet per day. The project would form ExxonMobil’s initial contribution to a broad, cross-industry effort to establish a Houston carbon capture and storage hub with an initial target of about 50 million metric tons of CO 2 per year by 2030, and 100 million metric tons by 2040. Access to surplus hydrogen and CO 2 storage capacity would be made available to nearby industry. It also would enable the site to manufacture lower-emissions products for its customers. Using hydrogen as a fuel at the Baytown olefins plant could reduce the integrated complex’s Scope 1 and 2 CO 2 emissions by up to 30%, supporting ExxonMobil’s ambition to achieve net zero greenhouse gas emissions from its operated assets by 2050. The carbon capture infrastructure for this project would have the capacity to transport and store up to 10 million metric tons of CO 2 per year, more than doubling ExxonMobil’s current capacity. The proposed hydrogen facility would produce up to 1 billion cubic feet per day of “blue” hydrogen, which is an industry term for hydrogen produced from natural gas and supported by carbon capture and storage. “By helping to activate new markets for hydrogen and carbon capture and storage, this project can play an important part in achieving America’s lower-emissions aspirations.” “Hydrogen has the potential to significantly reduce CO 2 emissions in vital sectors of the economy and create valuable, lower-emissions products that support modern life,” said Joe Blommaert, president of ExxonMobil Low Carbon Solutions. Hydrogen and carbon capture capacity to help industry reduce emissions.Carbon capture project would be one of world’s largest double company’s industry-leading capacity.Hydrogen would fuel olefins plant, reduce integrated site emissions by up to 30%.
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