SHERIDAN, WYOMING – November 18, 2024 – ExxonMobil is taking a leading role in the energy transition, pursuing significant investments in low-carbon solutions to help meet the world's growing energy needs while reducing greenhouse gas emissions.
The Need for Scalable Solutions
Getting the planet on a path to net zero requires unprecedented innovation and collaboration on an immense scale. The world needs scalable solutions that can be deployed globally at a much lower cost than today. This requires continued technology advances and clear government policies that encourage investment.
ExxonMobil's Commitment to Low-Carbon Investments
ExxonMobil is pursuing more than $20 billion in lower-emission investments from 2022 through 2027, in addition to the approximately $5 billion Denbury acquisition. About 50% of these investments are targeted at reducing emissions from operated assets; the balance is going toward reducing the emissions of others.
Focusing on Hard-to-Abate Sectors
ExxonMobil is focused on customers in heavy industry, power generation, and commercial transportation – sectors that provide great economic value but generate significant emissions that are difficult to reduce. Solutions like carbon capture and storage (CCS) and hydrogen align with ExxonMobil's capabilities and have the potential to make a big difference in these sectors.
A Legacy of Innovation
For more than 140 years, ExxonMobil has been a leader in innovation, supplying the energy and products people need to live healthy, prosperous lives. The company continues this legacy of innovation by doing its part to provide energy security and evolving its operations in ongoing support of a net-zero future.
Key Focus Areas
- Carbon Capture and Storage (CCS): ExxonMobil is a leader in CCS technology, which captures CO2 emissions from industrial sources and stores them underground. The company has captured more CO2 than any other company and is involved in a number of large-scale CCS projects around the world.
- Hydrogen: ExxonMobil is developing hydrogen production technologies and exploring the use of hydrogen as a low-carbon fuel for transportation and power generation.
- Biofuels: ExxonMobil is researching and developing advanced biofuels made from algae and other non-food sources.
- Energy Efficiency: ExxonMobil is continuously improving the energy efficiency of its operations and developing technologies to help customers reduce their energy consumption.
Collaboration for a Sustainable Future
ExxonMobil recognizes that addressing climate change requires collaboration across industry, government, and academia. The company actively participates in various initiatives and partnerships to advance low-carbon technologies and advocate for sound policies that support a net-zero future.
Looking Ahead
ExxonMobil is committed to playing a leading role in the energy transition. The company's investments in low-carbon technologies, coupled with its focus on hard-to-abate sectors and its legacy of innovation, position it to make significant contributions to a net-zero future.