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Exxon Looks to Galvanize CCS Leadership

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• Exxon Mobil has embraced large-scale carbon capture and storage (CCS) in a bid to ensure investors it has a viable energy transition strategy and is taking decarbonization seriously. • Its strategy is heavily dependent on policy support and technology advancements but could tap rising momentum in the US. • CCS’ long lead time could present challenges, given increasing demands from key stakeholders for tangible and speedy action on emissions. The Issue Exxon wants to galvanize corporate and policy support for the world’s most ambitious CCS scheme -- a cross-industry hub around the Houston Ship Channel that could capture 50 million tons per year of carbon dioxide by 2030 and 100 million tons/yr by 2040, more than 2½ times current global capacity. The scheme is still an early-stage concept, but it signals Exxon’s growing recognition that decarbonizing oil and gas will require bold solutions at significant scale -- and that key stakeholders are demanding rapid action. Texas-Sized Scale Exxon’s ongoing road show with key policymakers at the state, local and federal levels is seeking to drum up support for the massive CCS development. Its critical message is that sufficient regulatory and fiscal supports must be in place for Exxon to advance, but it will throw its might behind CCS if those conditions can be met. Exxon's Houston Ship Channel CCS Hub Exxon's concept would unite the region's 50 largest emitters

Topics:
Carbon Capture (CCS), Low-Carbon Policy, Corporate Strategy
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