ExxonMobil to invest more than $15 billion over six years in emission reductions
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Exxonmobil intends over the next six years to invest more than $15 billion in projects to reduce carbon dioxide emissions, the company said in a press release issued by Darren Woods, its chairman and CEO.

    “A significant share of the spending will be directed toward our Low Carbon Solutions business, which is focused on reducing greenhouse gas emissions from hard-to-decarbonise sectors such as heavy industry, commercial transportation and power generation, which together account for more than 80% of the world’s energy-related emissions,” Woods said in the statement.

   Woods referred to the following CCS (carbon capture and storage) projects:

  • A storage hub in the Houston industrial area aimed at capturing annually about 100 million tonnes of CO2 – equal to the greenhouse gas emissions from more than 20 million petrol-powered passenger vehicles – from refineries, chemical plants and power generation facilities in the area. Eleven companies, including ExxonMobil, have expressed interest in its construction. Others include Chevron, Marathon Petroleum and Phillips 66.
  • Expansion of a carbon capture and storage site in the U.S. state of Wyoming, where current capacity of 5-7 million tonnes of CO2 per year will be further boosted by 1 million tonnes.
  • CCS projects in Scotland, France, Belgium and the Netherlands currently in a pre-investment phase.
  • Three potential projects in South-East Asia, one in Singapore and two in Malaysia (in conjunction with the companies Petramina and PETRONAS).

The aims of carbon reduction will be subordinated to projects on producing hydrogen and biofuels.

  • Canadian company Imperial Oil (69.6 % of which belongs to ExxonMobil) plans to produce renewable diesel that generates 70 % fewer carbon emissions than conventional diesel.
  • From next year, ExxonMobil is to buy up to 5 million barrels per year of renewable diesel from Global Clean Energy from its biorefinery in Bakersfield, California.
  • ExxonMobil produces about 1.3 million tonnes of hydrogen annually and is working to develop new technologies that significantly lower production costs. It is also seeking to commercialise new biofuel technologies.

    Completing these projects would mean ExxonMobil making a contribution to the development of the two most popular areas of contemporary energy – hydrogen production and CO2 capture. In 2019, a total of 31.7 MW of electrolysis capacity was brought on stream, while the figures were 65.5 MW in 2020 and 286.5 MW in 2021., according to preliminary data from the International Energy Agency (IEA).

    The picture is somewhat different for CCS projects.

    In 2019, projects with a total annual capacity of 38.1 million tonnes were announced. That figure stood at 25.2 million tonnes in 2021. And for the first five months of 2021, it totalled 43.2 million tonnes. But in fact, the figures for actually bringing the projects on stream were more modest: in 2019, the total stood at 5.8 million tonnes, in 2020 it was 1.75 million tonnes and for the first five months of 2021, not a single tonne of CCS capacity was brought on stream, according to IEA figures.

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