ExxonMobil has created a new business to commercialize its extensive low-carbon technology portfolio.
The new business, ExxonMobil Low Carbon Solutions, will initially focus on carbon capture and storage, one of the critical technologies required to achieve net zero emissions and the climate goals outlined in the Paris Agreement.
ExxonMobil Low Carbon Solutions is advancing plans for more than 20 new carbon capture and storage opportunities around the world to enable large-scale emission reductions.
ExxonMobil plans to invest $3 billion on lower emission energy solutions through 2025.
The business will be led by Joe Blommaert, the company’s former senior vice-president of global chemicals operations.
ExxonMobil has more than 30 years of experience in CCS technology and was the first company to capture more than 120 million tonnes of CO2, which is equivalent to the emissions of more than 25 million cars for one year.
ExxonMobil has an equity share in about one-fifth of global CO2 capture capacity, it said, and added that its projects are responsible for 40% of all man-made CO2 that has been captured.
ExxonMobil Low Carbon Solutions will also tap the major’s hydrogen production expertise, which will likely play a significant role in large-scale emissions reductions efforts when tied to carbon capture and sequestration.
The new unit has several projects on tap, including a plan to collect millions of tons of CO2 from US Gulf coast industrial facilities to store in onshore and offshore geologic formations.