Energy Efficiency, GHG Emissions, Industrial  -  May 23, 2019

ExxonMobil invests in emissions reductions technologies

ExxonMobil will be investing up to $100 million for research into technologies involving carbon capture and storage, carbon dioxide utilization, enhanced oil recovery, and other methods through a partnership announced May 8.

ExxonMobil entered into the partnership in conjunction with The National Energy Technology Lab and National Renewable Energy Lab through a 10-year, $100 million contract to advance low-emissions energy technology. 

The ceremonial signing of the agreement marks one of the largest public-private partnerships between DOE laboratories and the private sector to date, according to a news release.

"Public-private partnerships maximize research and development to accelerate deployment of innovative, economical and lower-emission technologies from DOE’s national labs," Mark Menezes, DOE Under Secretary of Energy, said in a statement.

The project is meant to develop technologies that contribute to delivering low-cost energy with lower carbon emissions and making advanced energy systems more efficient.

"Collaboration with industry is indispensable to the continued development of critical pathways to expand our economy, pursue an all-of-the-above energy strategy and fulfill our commitment to being responsible stewards of the environment," Steven Winberg, DOE Assistant Secretary for Fossil Energy, said in reference to working in partnership with ExxonMobil.

This is not the first time ExxonMobil has contributed to research into emissions reduction technologies. The initiative follows past efforts from ExxonMobil to address the growing issue of climate change and work through their own contributions to the environmental landscape, including its financial pledge to research by the Oil and Gas Climate Initiative last September. In early 2018, Exxon pledged to reduce its methane emissions by 15% by 2020.

Share this valuable information with your colleagues using the buttons below: