Exxon Mobil Corp. estimates there will be a $4 trillion market by 2050 for capturing carbon dioxide and storing it underground, the company said in a presentation on Tuesday.
The company and law firm names shown above are generated automatically based on the text of the article. We are improving this feature as we continue to test and develop in beta. We welcome feedback, which you can provide using the feedback tab on the right of the page.estimates there will be a $4 trillion market by 2050 for capturing carbon dioxide and storing it underground, the company said in a presentation on Tuesday.
That is about 60% of the $6.5 trillion market the U.S. largest crude producer estimates for oil and gas by then. Carbon capture is an important emissions reduction technology, according to the International Energy Agency . It involves the capture of CO2 from fuel combustion or industrial processes, transporting it via ship or pipeline, to be stored underground in geological formations or used as a resource to create products.
Exxon is under public pressure to reduce its total emissions as its energy transition strategy does not include renewable sources of energy like solar and wind. It has recently hired Dan Ammann, who led the Cruise self-driving unit of General Motors CoU.S. oil producer Occidental Petroleum , developing the world's largest project to extract CO2 from the air, has previously estimated CCS could become a $3-5 trillion global industry. The technology could generate as much in earnings and cash flow for Occidental than oil and gas today, Chief Executive Vicki Hollub said at a conference in March.Reporting by Sabrina Valle; Editing by Aurora EllisSubscribe to our sustainability newsletter to make sense of the latest ESG trends affecting companies and governments.
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