US oil giant ExxonMobil announced its budget to commit to greenhouse gas (GHG) emission cut plans.
The company will invest USD15 billion over the upcoming six years. Most of the spending would be allocated to Exxon’s low carbon solutions business, focused on reducing GHG emissions from hard-to-decarbonize sectors such as heavy industry, commercial transport, and power generation.
The amount was fivefold from its USD3 billion budget announced in February.
Exxon will maintain carbon capture and storage (CCS) as its central focus as it recently announced several CCS hub concepts. Prominently, the company mentioned a CCS project based in Houston.
“We believe that by 2040, it could be possible to annually capture about 100 million metric tons of CO2 from refineries, chemical plants, and power generation facilities in the area,” the company stated.
Exxon has also stepped its feet in CCS projects in Europe which include Scotland, France, Belgium, and the Netherlands. In Southeast Asia, the company has its eyes on a CCS hub potential in Singapore, with the memorandum of understandings (MOUs) in CCS projects in Indonesia and Malaysia.
The company also called for policy supports via an explicit price on carbon to establish market incentives and provide the securities required for investments.
“Government policies will need to provide direct investment and incentives similar to those available to other lower-carbon technologies,” the statement added.
