12/31/2023 0 Comments Exxon carbon capture technologyThe CO 2 would be piped into natural geologic formations thousands of feet under the sea floor. Gulf Coast is enough to hold 500 billion metric tons of CO 2 - more than 130 years of the country’s total industrial and power generation emissions, based on 2018 data.ĮxxonMobil believes the United States could establish a CCS Innovation Zone along the Houston Ship Channel and surrounding industrial areas with the potential to effectively capture all the CO 2 emissions from the petrochemical, manufacturing and power generation facilities located there. Department of Energy estimates that storage capacity along the U.S. Houston has two features that make it an ideal site for CCS: It has many large industrial emission sources, and it’s located near geologic formations in the Gulf of Mexico that could store large amounts of CO 2 safely, securely and permanently. We believe the time is right for a large-scale collaboration in the United States between government at every level, private industry, academia and local communities to create an “Innovation Zone” approach to dramatically accelerate CCS progress.Īnd we think Houston is the perfect place for such a concept. emissions more quickly?įor the past three years, ExxonMobil has been assessing the concept of multi-user CCS “hubs” in industrial areas located near geologic storage sites, such as depleted oil and gas reservoirs. The question is: How can CCS be deployed broadly to help reduce U.S. It’s one of the few proven technologies with the potential to significantly lower emissions from certain hard-to-decarbonize sectors, such as manufacturing and heavy industry. And those are technologies that are being recognized by the Intergovernmental Panel on Climate Change and the International Energy Agency as technologies that society needs to meet modern life requirements.CCS could enable the United States to safely capture and store hundreds of millions of metric tons of carbon dioxide (CO 2 ) each year that otherwise would be released into the atmosphere. We believe our strength really comes to the forefront through the deployment of technologies like CCS, like hydrogen, like biofuels. We do that through our power purchase agreements. That’s why it is actually so important to have technologies like CCS so that you can meet the energy supplies that the world needs in a way that the emissions are being abated, and that you can do that at the lowest cost possible to society. That energy mix will change, but that will still require energy sources from fossil fuels. Q: If Exxon believes this is important, why not dramatically reduce oil and gas production and invest more in renewable energy?Ī: I fully appreciate this perspective on the issue, and I would come back to what I said earlier in terms of meeting the goals of the Paris accord and meeting energy and product demands that modern life requires, particularly when you think about the growth of society, 2 billion more people by 2050. And that’s why we talk about the value of carbon, which is essential. But the key is that policy to attract public and private investment in supporting this is put in place. We are working through that, as you can imagine. We’re working through our project and definition, and we will certainly do our part. And that’s why with the Houston Hub we were so pleased with the 10 companies willing to step forward to help make this a reality.Ī: We are, just like other companies, assessing those opportunities. It needs all of the solutions, and it is not one or the other. And it is actually addressing climate change, which technically is a very complicated issue. What is important in my mind is this collaboration of the whole industry, the whole of government and the whole of society. When you look into the details, actually, it is many capture facilities and storage facilities, and actually this CCS is executed at scale already around the world. A: Obviously, the scale is unprecedented.
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