GHG Emissions, Industrial, Sourcing Renewables - December 11, 2024
Exxon to Spend Billions for Lower Emission Investment Opportunities
ExxonMobil announced the oil company is pursuing up to $30 billion in lower emissions investment opportunities as part of its Corporate Plan to 2030.
The company is seeking a maximum of $30 billion of low emission opportunities between 2025 and 2030 with almost 65% spent on reducing emissions for third-party customers.
ExxonMobil’s Low Carbon Solutions business focuses on three primary verticals: carbon capture and storage, hydrogen, and lithium.
The company is developing the world’s first large-scale carbon capture and storage system, which includes a high-capacity CO2 pipeline network connecting emitters from many industries to permanent subsurface storage capacity throughout the U.S. Gulf Coast.
ExxonMobil expects its low-carbon hydrogen facility in Baytown to be the world’s largest, producing up to 1 billion cubic feet of virtually carbon-free hydrogen per day with about 98% of the CO2 captured and stored. Some of this hydrogen will be used to produce over a million metric tons per year of low-carbon ammonia. The company is working toward a final investment decision in 2025 with the potential to start operations in 2029.
The company is also developing new technologies to reduce the cost of emission reductions, which it says is the only way to achieve deployment at scale. With supportive policy and growing market interest, the company expects its Low Carbon Solutions business to grow earnings contributions by $2 billion in 2030 versus 2024.
“ExxonMobil has a unique set of highly valuable competitive advantages that equip us to do what few companies have ever done – create world-scale solutions to society’s biggest challenges, decade after decade,” said Darren Woods, ExxonMobil Chairman and CEO, in a statement. “Our steadfast commitment to strengthening these advantages, including an unwavering investment in technology, has led to a history of innovative solutions that meet society’s critical needs, reduce costs, and grow high-value products. That’s a formula for profitable growth and shareholder value through and beyond 2030 – no matter the pace and scale of the energy transition – that truly puts us in a league of our own.”
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