ExxonMobil has created a new business unit for the advancement of low carbon solutions like hydrogen, and particularly carbon capture and storage. With a $3 billion investment, this unit will enable large-scale emissions reductions across sectors of the industry.
Firstly, the company announced this Monday the new unit will be led by Joe Blommaert. He has more than 30 years of experience in the industry and who also serves as vice president for ExxonMobil Corporation.
The new unit is called ExxonMobil Low Carbon Solutions, and it will leverage from Exxon’s 30 plus years of experience in the carbon capture and storage technology.
According to the statement, the company was the first to capture and store more than 120 million tons of CO2; the equivalent of taking 25 million cars off the road in one year.
Hydrogen will be also included in the new unit’s portfolio, because it is, along with CCS, one of the main technologies that will help industrial activities decarbonize.
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Exxon’s Low Carbon Solutions with pressence in Texas and Wyoming
“With our demonstrated leadership in carbon capture and emissions reduction technologies. As a result, ExxonMobil is committed to meeting the demand for affordable energy while reducing emissions; and managing the risks of climate change,” said Darren Woods, company’s CEO.
“We are focused on proprietary projects and commercial partnerships that will have a demonstrably positive impact on our own emissions; which includes those from the industrial, power generation and commercial transportation sectors; which together account for 80 percent of global CO2 emissions. As a result, we have the expertise that can help bring technologies to market,” he concluded.
Moreover, for the U.S., ExxonMobil Low Carbon Solutions will have presence in the U.S Gulf Coast, and in Wyoming. Finally, for the coast, Exxon will display multiple CCS projects in key areas with the potential of collecting millions of tons of CO2. Which the CCS hub that is under development in Southeast Texas.
In conclusion, for Wyoming, the company underlines the expansion of its La Barge CCS facilities; which will add 1 million tons of captured and stored CO2. The current capacity of La Barge facilities is at 7 million tons per year; which is the biggest capacity of any industrial facility in the world.