CLIMATE SOLUTIONS
Carbon capture and storage
ExxonMobil is the leader in carbon capture, with current carbon capture capacity totaling about
9 million tons per year.
CCS DEVELOPMENT
What is carbon capture?
Carbon capture and storage (CCS) is the process of capturing CO2 that would otherwise be released into the atmosphere from industrial activity, and injecting it into deep geologic formations for safe, secure and permanent storage. The United Nations Intergovernmental Panel on Climate Change and the International Energy Agency agree that CCS is one of the most important low-carbon technologies required to achieve societal climate goals at the lowest cost. CCS is also one of the only technologies that could enable some industry sectors to decarbonize, including the refining, chemicals, cement and steel sectors.
Carbon capture and storage (CCS) is the process of capturing CO2 that would otherwise be released into the atmosphere from industrial activity, and injecting it into deep geologic formations for safe, secure and permanent storage. The United Nations Intergovernmental Panel on Climate Change and the International Energy Agency agree that CCS is one of the most important low-carbon technologies required to achieve societal climate goals at the lowest cost. CCS is also one of the only technologies that could enable some industry sectors to decarbonize, including the refining, chemicals, cement and steel sectors.
Critical
technology
The International Energy Agency calls carbon capture and storage one of the critical technologies required to achieve net-zero emissions and the climate goals outlined in the Paris Agreement.
ExxonMobil has cumulatively captured more CO2 than any other company – 120 million metric tons – accounting for approximately 40 percent of all the anthropogenic CO2 that has ever been captured.
CCS DEVELOPMENT
What is carbon capture?
Carbon capture and storage (CCS) is the process of capturing CO2 that would otherwise be released into the atmosphere from industrial activity, and injecting it into deep geologic formations for safe, secure and permanent storage. The United Nations Intergovernmental Panel on Climate Change and the International Energy Agency agree that CCS is one of the most important low-carbon technologies required to achieve societal climate goals at the lowest cost. CCS is also one of the only technologies that could enable some industry sectors to decarbonize, including the refining, chemicals, cement and steel sectors.
New CCS Technology
Key policy actions needed to scale up carbon capture and storage
Carbon capture and storage is one of the few proven technologies with the potential to significantly reduce emissions from certain hard-to-decarbonize sectors, such as manufacturing and heavy industry. However, new policies are needed to spur the investment required to deploy CCS at such a pace and scale. Here are the key and immediate actions required to continue moving forward:
Enhance the CCS Production Tax Credit (45Q) for non-EOR (enhanced oil recovery)
- Initially increase value to ~$100 per metric ton from current $50
- Extend eligibility period to 30 years from current 12 years
- Eliminate deadline for starting construction
Ensure government approval for CO2 storage
- Specifically allow offshore storage of CO2 from sources other than coal
- Authorize the Bureau of Ocean Energy Management to issue leases, rights of way and pore space
- Clarify that the U.S. Environmental Protection Agency has authority for permitting CO2 injection in subsea formations.
Provide financial support for CCS infrastructure
- Provide a $10 billion grant to help develop infrastructure in Houston by extending current U.S. Department of Energy programs beyond research, development and demonstration (RD&D)
- Expand the U.S. Department of Energy Title XVII program to include the deployment of existing CCS technologies at scale
- Amend TIFIA (Transportation Infrastructure Finance and Innovation Act) to add CCS projects, or create a program dedicated to CCS.
>90%
of CO2 produced by natural gas power plants.
MOFs mirror nature by resembling a key enzyme found in plants that is responsible for one of the most effective carbon capture processes in nature: photosynthesis.
INVESTING IN NEW TECHNOLOGIES
Meeting demand for increased energy supplies
Global demand for energy is projected to grow by about 25 percent through 2040. To expand supplies — while increasing efficiency and mitigating emissions — an integrated set of solutions will be required.
That is why ExxonMobil is funding a broad portfolio of biofuels research programs for new energy sources. ExxonMobil is focused on advanced biofuels that do not compete with food or water supplies. Examples include algae, corn stover, switchgrass or methane emitted from microbial activity in landfills. Among many other benefits, algae can be used to manufacture biofuels similar in composition to today’s transportation fuels.
INVESTING IN NEW TECHNOLOGIES
Meeting demand for increased energy supplies
Global demand for energy is projected to grow by about 25 percent through 2040. To expand supplies — while increasing efficiency and mitigating emissions — an integrated set of solutions will be required.
That is why ExxonMobil is funding a broad portfolio of biofuels research programs for new energy sources. ExxonMobil is focused on advanced biofuels that do not compete with food or water supplies. Examples include algae, corn stover, switchgrass or methane emitted from microbial activity in landfills. Among many other benefits, algae can be used to manufacture biofuels similar in composition to today’s transportation fuels.
All articles about carbon capture and storage
Deploying carbon capture and storage (CCS) technology to reduce emissions is critical to achieving the goals laid out in the Paris Agreement. But supportive policies are required to foster investment. Here are a few we support.
HOUSTON, Texas – Three additional companies have announced their support for exploring the implementation of large-scale carbon capture and storage (CCS) technology in and around the Houston industrial area. Air Liquide, BASF and Shell are joining Calpine, Chevron, Dow, ExxonMobil, INEOS, Linde, LyondellBasell, Marathon Petroleum, NRG Energy, Phillips 66 and Valero to collectively evaluate and advance emissions reduction efforts in and around the Houston industrial area. Today’s announcement increases the momentum for CCS and aligns with efforts to reduce emissions around the world.
Deploying carbon capture and storage (CCS) technology to reduce emissions is critical to achieving the goals laid out in the Paris Agreement. But supportive policies are required to foster investment. Here are a few we support.
Deploying carbon capture and storage (CCS) technology to reduce emissions is critical to achieving the goals laid out in the Paris Agreement. But supportive policies are required to foster investment. Here are a few we support.
