ExxonMobil CEO Darren Woods said at the CERAWeek energy conference on Tuesday that improving economics and government policies are creating opportunities for carbon capture and storage. Exxon recently launched a Low Carbon Solutions business to focus on carbon capture and storage. It also plans to boost investment in hydrogen. The company is also under investors’ pressure to set more ambitious climate and energy transition targets.
Woods said that a market-based price for carbon would be the most cost-effective way to cut emissions. He also added that the government should open up sectors and have credits and market incentives.
Several of the world’s oil majors have announced ambitious targets to shift new investments to renewable and low-carbon energy. Since December, Exxon has set emissions intensity targets. However, it continues to maintain the view that global oil and gas consumption will increase.
