ARKANSAS, Sept 19 (Future Headlines)- Exxon Mobil Corp, one of the world’s largest oil companies, is making notable strides toward a carbon-neutral future. While it refrains from investing in electric vehicle charging stations, Exxon is committed to developing cutting-edge technology for direct air capture (DAC) of carbon dioxide (CO2). DAC is a pivotal component of global efforts to limit climate change, as acknowledged by the United Nations Intergovernmental Panel on Climate Change (IPCC).
Exxon’s foray into DAC technology represents a significant step toward carbon neutrality. DAC involves the extraction of carbon directly from the atmosphere, offering a promising solution to mitigate global warming. According to the IPCC, DAC is indispensable in the fight against climate change. However, the prohibitive costs associated with DAC have been a significant barrier, with current estimates ranging from $600 to $1,000 per ton of carbon removed.
Matthew Crocker, senior vice president of product strategy, emphasizes the company’s commitment to making DAC a viable solution for reducing emissions. Exxon recognizes the potential synergy between DAC and its carbon capture and storage (CCS) business, which involves trapping emissions underground. By leveraging this synergy, Exxon aims to drive down the costs associated with DAC, making it more accessible and efficient at scale.
Exxon’s energy transition strategy centers on reducing carbon emissions from its core operations and advancing carbon capture technologies. Unlike some competitors who are heavily investing in renewable energy sources like solar and wind, Exxon is focusing on its strengths in carbon capture and storage, hydrogen, and biofuels.
A substantial portion of Exxon’s $17 billion allocated for its low-carbon business through 2022-2027 is dedicated to limiting emissions and expanding CCS capabilities. This strategic emphasis underscores Exxon’s dedication to pioneering solutions that enable a lower-carbon future.
Exxon has opted not to invest in building electric vehicle (EV) charging stations. Matthew Crocker explains that this decision stems from a belief that Exxon’s distinct capabilities can be better utilized in other areas of the energy transition. While some European oil majors have ventured into the EV charging infrastructure, Exxon has charted a different course.
Crocker emphasizes that Exxon’s strengths lie in areas such as carbon capture, storage, and low-carbon solutions. The company views these areas as its primary focus, where it can make a substantial impact on reducing carbon emissions. By directing its resources and expertise toward CCS and related technologies, Exxon aims to contribute significantly to the global effort to combat climate change.
Exxon’s commitment to DAC technology and its distinctive approach to addressing climate change challenges exemplify the company’s dedication to a sustainable future. While refraining from EV charging station investments, Exxon’s focus on carbon capture, storage, and low-carbon solutions underscores its role in pioneering transformative solutions to reduce carbon emissions. As Exxon progresses in its journey toward a carbon-neutral future, the development of DAC technology holds immense promise, potentially driving down costs and facilitating widespread adoption, thereby contributing significantly to global efforts to limit climate change.
Writing by Moe Khaled; Editing by Sarah White