ExxonMobil’s presentation on strategy to transition to lower-carbon future
The presentation outlines how it is investing in lower-carbon technologies to expand business opportunities over the longer term, while driving structural improvements in existing businesses with a disciplined, value-driven approach.
The presentation highlights the new ExxonMobil Low Carbon Solutions business, which is working to commercialize technologies to reduce emissions in hard-to-decarbonize sectors, such as power generation, commercial transportation and heavy industry. The technologies include carbon capture and storage (CCS), which will be the initial focus of Low Carbon Solutions, as well as hydrogen, and advanced biofuels. Demand for these lower-emission technologies could create multi-trillion dollar markets by 2040. ExxonMobil is the global leader in CCS, and has captured approximately 40 percent of all anthropogenic CO2 ever captured, the equivalent to planting approximately 2 billion trees.
ExxonMobil recently announced a multi-industry CCS concept that has the potential to significantly decarbonize heavy industries located near the Houston ship channel; early projections indicate that, with the appropriate enablers, it could remove approximately 100 million metric tons of CO2 per year by 2040. The lower-carbon business opportunities leverage decades of ExxonMobil experience in deploying technology at scale, and competitive advantages demonstrated in its existing businesses. In addition, the company’s 2025 emission-reduction plans are projected to be consistent with the goals of the Paris Agreement and a 2-degree pathway.
The company also details how it is investing in one of the most attractive, high-return portfolios in the industry to increase cash flow while maintaining existing production levels needed to responsibly meet society’s continued demand for oil and gas and high-value chemical products.
ExxonMobil’s plans are built to capture opportunities in a wide range of long-term energy-demand scenarios, consistent with those of the UN’s Intergovernmental Panel on Climate Change and the authoritative International Energy Agency, that show a continued use of fossil fuels well into the future. The company’s current plan assumes flat production volumes while still generating excess cash at $50 per barrel Brent.
Information Source: Read Full Release ..–>
Press release by:
