HOUSTON, April 19 (Reuters) – Exxon Mobil Corp. (XOM.N) estimates there will probably be a $4 trillion market by 2050 for capturing carbon dioxide and storing it underground, the corporate mentioned in a presentation on Tuesday.
That’s about 60% of the $6.5 trillion market the U.S. largest crude producer estimates for oil and fuel by then.
Carbon seize is a crucial emissions discount know-how, in line with the Worldwide Vitality Company (IEA). It entails the seize of CO2 from gasoline combustion or industrial processes, transporting it by way of ship or pipeline, to be saved underground in geological formations or used as a useful resource to create merchandise.
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Massive oil firms have been investing to make carbon seize and storage (CCS) a related enterprise as worldwide our bodies comparable to Intergovernmental Panel on Local weather Change (IPCC) level the know-how as key to mitigate the results of worldwide warming.
Exxon is below public strain to scale back its complete emissions as its vitality transition technique doesn’t embrace renewable sources of vitality like photo voltaic and wind. It has lately employed Dan Ammann, who led the Cruise self-driving unit of Common Motors Co (GM.N) till December, to guide its Low Carbon enterprise beginning on Might 1.
U.S. oil producer Occidental Petroleum (OXY.N), creating the world’s largest undertaking to extract CO2 from the air, has beforehand estimated CCS might develop into a $3-5 trillion world business. The know-how might generate as a lot in earnings and money movement for Occidental than oil and fuel at this time, Chief Govt Vicki Hollub mentioned at a convention in March.
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Reporting by Sabrina Valle; Modifying by Aurora Ellis
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