In an ExxonMobil blog post, new Chairmen and CEO Darren Woods spoke on the topic of climate change and the company’s proposal to reduce emissions using carbon capture and storage technology (CCS), amongst other methods.

Woods stated, “I believe, and my company believes, that climate risks warrant action and it’s going to take all of us – business, governments and consumers – to make meaningful progress. At ExxonMobil, we’re encouraged that the pledges made at last year’s Paris Accord create an effective framework for all countries to address rising emissions; in fact, our company forecasts carbon reductions consistent with the results of the Paris accord commitments.”

ExxonMobil is investing heavily in CCS, including research in a novel technology that uses fuel cells that could make CCS more affordable and expand its use.

ExxonMobil entered into an agreement with FuelCell Energy back in May 2016, to develop carbonate fuel cell technology in carbon dioxide (CO2) capture plants.

The project, which has been undergoing comprehensive laboratory tests for the past two years, has proved to be more effective in capturing CO2 than traditional methods of scrubbing technology by increasing the electrical output using fuel cells.

Exhaust from the power plant is directed to the fuel cell, which replaces air that is normally used in combination with natural gas during the fuel cell power generation process. As the fuel cell generates power, the CO2 becomes more concentrated and therefore more easily and affordably captured and stored from the cell’s exhaust.

Woods encourages governments to help advance the search for energy technologies by funding basic research and by enacting forward-looking policies.

“One option being discussed by policymakers is a national revenue-neutral carbon tax. This would promote greater energy efficiency and the use of today’s lower-carbon options, avoid further burdening the economy, and also provide incentives for markets to develop additional low-carbon energy solutions for the future,” Woods added.