ExxonMobil proposes a carbon storage project which would require public and private financing.
The storage for carbon dioxide emissions from US petrochemical plants and bury them in deep under the Gulf of Mexico. It would have a storage capacity of 50 million tons of CO2 and would potentially double by 2040.
Exxon underlined that it would require funding of at least USD100 billion.
The carbon storage project is proposed to capture CO2 from the biggest industrial emitters in the Houston Ship Channel. The CO2 would be piped to offshore reservoirs up to 6,000 feet (1.83 km) below the seafloor.
Exxon proposes that the project will require enormous support from other companies and from federal, state, and local government agencies.
