A trillion here, a trillion there and pretty soon you’re talking real money – or not? Where is this finance supposed to come from, and how is so-called ‘carbon’ capture supposed to be an investment opportunity? Try making an oil tanker without fossil fuels.
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Exxon made a bold announcement on April 19th, 2022 says the Carbon Herald.
The oil major estimates that the carbon capture and storage market would be valued at $4 trillion by 2050.
The figure comes to 60% of the $6.5 trillion market for the oil and gas sector the company predicts by mid-century.
Exxon’s energy transition strategy does not include renewable sources of energy like solar and wind so the company is relying on decarbonization technologies like carbon capture and storage.
It is also under increasing pressure from environmental groups and the public to reduce its emissions and as the US largest fossil fuel company – take responsibility for climate change mitigation efforts.
During an investor presentation back in 2021, Exxon announced it sees the carbon capture market as a $2 trillion opportunity. The CEO of ExxonMobil Darren Woods said back then that enhancements in the carbon capture and storage technology pose a unique opportunity for the company and that Exxon supports the goal of reaching net-zero emissions.
Now the company upgraded its projections which confirms its intentions to develop carbon capture and storage as a way of achieving its greenhouse gas reduction goals.
Some institutions are also recommending the technology as a pathway towards net zero, however, others claim it should not be used as a tool to delay phasing out fossil fuels.
Full article here.
via Tallbloke’s Talkshop
April 20, 2022, by oldbrew