The United Nations Intergovernmental Panel on Climate Change (IPCC) and the International Energy Agency (IEA) agree that CCS is one of the most important low-carbon technologies required to achieve society’s climate goals at the lowest cost.
At ExxonMobil, the need for CCS is well understood. Since 1970, we have cumulatively captured more CO2 than any other company – locking up more than 40 percent of all captured CO2. We now have a working interest in more than one-fifth of the world’s CCS capacity.
It requires expertise and well-developed solutions to both capture and store carbon dioxide at scale. And ExxonMobil was among the early adopters of both. Our aim is to further reduce the cost, complexity and large initial investments currently associated with CCS technology, so it can be more widely deployed and help reduce industrial CO2 emissions around the world.
Although still in the early stages of research and development, one approach we are exploring is the use of carbonate fuel cell technology. Fuel cells could capture CO2 from large industrial sites and power plants, while also making carbon capture more affordable.
Fuel cells work differently than conventional capture technologies. They capture carbon and generate electricity, offering the dual benefit of even greater energy efficiency and lower carbon emissions.
ExxonMobil launched its Low Carbon Solutions business earlier this year. Its initial focus is on CCS, particularly when associated with high-emission sectors that are especially hard to decarbonise, such as power generation and industrial manufacturing.
We’re currently advancing plans for multiple new CCS opportunities around the world, while continuing to advocate for policy measures that will encourage the large-scale deployment of this proven technology to help reduce CO2 emissions.
The Low Carbon Solutions business is also taking advantage of the company’s experience in producing hydrogen, another energy source likely to play a critical role in the years to come. ExxonMobil plans to invest US$3 billion to reduce emissions and develop emissions-reduction technologies through 2025.