ExxonMobil Low Carbon Solutions is advancing plans for multiple new carbon capture and storage (CCS) opportunities around the world to enable large-scale emission reductions. We plan to invest $3 billion to reduce emissions and develop emissions-reduction technologies through 2025. Considered by experts to be one of the few proven technologies able to significantly reduce emissions from certain hard-to-decarbonize industries, CCS could be a game changer when it comes to meeting the Paris Agreement’s climate goals.
European project proposals in our pipeline include the Acorn CCS Hub in Scotland, the PORTHOS CCS Hub in the Netherlands, and an exploration of the potential for CO2 capture in the Normandy region of France. In Belgium, ExxonMobil is participating in a multi-stakeholder CCS project at the Port of Antwerp, Europe’s largest integrated energy and chemicals cluster.
One of the most ambitious CCS concepts we are involved in is the idea of a CCS hub in the Houston industrial area in Texas, to safely store emissions in natural geological formations deep underground. Recently, 11 companies, including ExxonMobil, announced their interest in advancing CCS technology in Houston, and together, they believe they could potentially remove up to 100 million metric tons of CO2 a year by 2040. What does that look like? We’ve found a few comparisons to help visualize the scale of our ambition: