Over the next six years, energy giant ExxonMobil (Exxon) will inject more than $15bn in schemes to help lower greenhouse gas (GHG) emissions across its range of operations.
The company stated that as part of the investment, it is working on ‘aggressive’ reduction plans consistent with its support for the goals of the Paris Agreement, the US, and the EU’s Global Methane Pledge, in addition to the US Methane Emissions Reduction Action Plan.
One of the key technologies involved in meeting Exxon’s targets is carbon capture and storage (CCS), regarding by the International Energy Agency (IEA) as an essential part of reaching net zero by 2050.
Having announced several CCS hub concepts in recent months, the company has plans to expand its operations significantly, potentially capturing about 100m metric tonnes of CO2 from hard-to-abate areas in Houston, Texas alone by 2040.
Exxon has also announced CCS projects in Scotland, France, Belgium, the Netherlands, as well as joint projects with Petronas in Malaysia.
The company also recognises the role that biofuels and hydrogen will play in the energy transition, reflected in its annual production of 1.3m metric tonnes of hydrogen.
In a partnership with Canadian company Imperial Oil, Exxon intend to produce renewable biofuel-based diesel which generates 70% fewer carbon emissions than conventional diesel.