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ExxonMobil commits $15 billion to GHG emissions reduction

A «significant share» of this spending is to be directed toward its low carbon solutions business, focused on reducing GHG emissions from hard-to-decarbonise sectors such as heavy industry, commercial transport and power generation.

ExxonMobil commits $15 billion to GHG emissions reduction

Irving (Texas), November 10 - Neftegaz.RU. The US-headquartered oil major will invest $15 billion in new and «aggressive» emissions reduction plans.
ExxonMobil also said it is on track to meet its 2025 emissions intensity reduction goal by the end of the year – 4 years earlier than planned.

A November 9 update from chairman Darren Woods said the company would now work on «more aggressive» reduction plans consistent with its support for the goals of the Paris Agreement, the recent Global Methane Pledge, and the US’ Methane Emissions Reduction Action Plan announced last week.

The note adds that Exxon will now commit $15 billion over the next 6 years to «lower greenhouse gas emission initiatives», a 5-fold increase on the $3 billion announced in February this year.

Carbon capture and storage (CCS) remains a central focus.
Woods pointed to the recent announcement of several CCS «hub» concepts, where high-emission industries can take advantage of shared infrastructure and economies of scale.

In particular, the company cited a Houston-based CCS project for which 11 companies, including ExxonMobil, have expressed interest.
The statement said:
  • We believe that by 2040, it could be possible to annually capture about 100 million metric tons of CO2 from refineries, chemical plants and power generation facilities in the area
In Europe, it pointed to work with other companies and governments to advance CCS hubs in Scotland, France, Belgium and the Netherlands, as well as the potential for a CCS hub in Singapore.

It also signed an MOU with Indonesia’s Pertamina to evaluate the potential for deploying low-carbon technologies there, and another with Petronas to explore potential CCS projects in Malaysia.

Author: Andrew Dykes

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