ExxonMobil has said it is on track to meet its 2025 emissions reduction targets by the end of this year — four years earlier than planned — and has vowed to ramp up investments to further cut emissions.
The US supermajor said it is now working on more aggressive reduction plans, which will be accelerated from an increase in the company’s investment into its low-carbon initiatives.
ExxonMobil initially announced it would invest $3 billion into its initiatives to reduce greenhouse gas emissions through 2025 but has now upped that to $15 billion over the next six years.
Much of the spending is directed toward its Low Carbon Solutions business, which works to lower emissions in hard-to-decarbonise sectors like heavy industry, commercial transportation and power generation.
The first project announced by the low-carbon solutions business is a carbon capture and storage (CCS) hub at the Houston Ship Channel. By 2040, the hub plans to capture and store 100 million tonnes per annum of carbon dioxide from a variety of facilities in the area.
Eleven companies have expressed interest in participating in the hub. During a recent congressional inquiry that put oil and gas executives on the stand, ExxonMobil chief executive Darren Woods (pictured) said the price on carbon required for the hub is $100 per tonne but may differ project to project.
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