![]() Renewable diesel is a drop-in fuel for use in today’s engines that generates 70% fewer carbon emissions than conventional diesel. Our Canadian affiliate, Imperial Oil, is progressing plans to produce renewable diesel at its Strathcona refinery in Edmonton using a proprietary catalyst technology that enables advantaged production. We signed an MOU with Pertamina, the state-owned energy company of Indonesia, to evaluate the potential for deploying low-carbon technologies there, and another with PETRONAS, the state-owned energy company of Malaysia, to collaborate and jointly explore potential carbon capture and storage projects in Malaysia.īiofuels will also play an important role in a lower-carbon future, especially in reducing greenhouse gas emissions from commercial transportation. In Southeast Asia, we recently outlined our vision for a carbon capture and storage hub to serve heavy industry areas around Singapore. In Europe, ExxonMobil is working with other companies and governments to advance potential carbon capture and storage hubs in Scotland, France, Belgium and the Netherlands. In Wyoming, we’re planning to expand carbon capture and storage capacity at our natural gas and helium production site, which has already captured more CO 2 than any other facility in the world. That’s equal to the greenhouse gas emissions today from more than 20 million gasoline-powered passenger vehicles. We believe that by 2040, it could be possible to annually capture about 100 million metric tons of CO 2 from refineries, chemical plants and power generation facilities in the area. The interest we’ve received for the hub concepts has been extremely positive.Įleven companies, including ExxonMobil, have expressed interest in supporting a large-scale carbon capture and storage hub in the Houston industrial area. Expanded use of carbon capture and storage can further improve the emission reductions associated with hydrogen and biofuels. In recent months, we’ve announced several carbon capture and storage “hub” concepts where high-emission industries can share infrastructure, enabling benefits from economies of scale. ![]() Carbon capture and storage is critical to reaching net zero by 2050, according to independent experts like the International Energy Agency and the UN Intergovernmental Panel on Climate Change.ĮxxonMobil is the world leader in carbon capture, and has captured more human-made CO 2 than any other company. Key among those technologies is carbon capture and storage, a proven way to collect CO 2 emissions and securely store them deep underground. We expect those opportunities to grow as policy support for low-carbon solutions increases. We see tremendous opportunities to use our technology and expertise in carbon capture and storage, hydrogen, and biofuels to support meaningful reductions in global emissions. Methane Emissions Reduction Action Plan announced last week.Ī 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-decarbonize sectors such as heavy industry, commercial transportation and power generation, which together account for more than 80% of the world’s energy-related emissions. and European Union’s Global Methane Pledge, as well as the U.S. As a result of our progress, we’re working on even more aggressive reduction plans that are consistent with our support for the goals of the Paris Agreement, the U.S. To that point, we are on track to meet our 2025 emission-intensity reduction goals by the end of this year – four years earlier than anticipated. This significant increase in spending will further accelerate efforts to reduce greenhouse gas emissions from our operated facilities. Over the next six years, ExxonMobil plans to invest more than $15 billion on lower greenhouse gas emission initiatives.
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