ExxonMobil has launched ExxonMobil Low Carbon Solutions, a new business unit to commercialise low-carbon and emission-reduction technologies.
The new division will initially focus on carbon capture and storage (CCS) in a bid to achieve net zero emissions and goals outlined in the Paris Agreement.
ExxonMobil said it intends to invest $3bn in lower emissions energy solutions through 2025.
It is also developing plans to have more than 20 new carbon capture and storage projects around the world.
CCS involves the process of capturing CO2, which is released into the atmosphere from industrial activity and it is injected back into the deep geologic formations, to be stored permanently.
The company is said to have so far captured more than 120 million tonnes of CO2, which is equal to the emissions of over 25 million cars in a year. It also has an equity share in about one-fifth of the global CO2 capture capacity and about 40% of all the capture anthropogenic CO2, globally.
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By GlobalDataExxonMobil Low Carbon Solutions will leverage its parent company’s experience in hydrogen production, which when combined with CCS, could result in a low-carbon energy system.
ExxonMobil chairman and CEO Darren Woods said: “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.
“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.”
ExxonMobil Low Carbon Solutions is evaluating several new CCS projects along the US Gulf Coast with a potential to collect millions of tonnes of CO2 from industrial sources, to be stored on onshore and offshore geologic formations.
In the Netherlands, the company is developing a project known as Porthos to collect CO2 emissions from industrial sources and transport them by pipeline to depleted offshore gas fields in the North Sea.
