Carbon capture, flaring and disclosures
Petroleum giant Exxon MobilThe company that was once the largest in America is now fighting for its survival.
Exxon was forced to change its board by investors over the summer. The company has intensified its efforts to plan for the green economy pivot that includes carbon capture, storage, and export.
Carbon capture refers to the act of capturing carbon dioxide at source. While companies can keep the carbon dioxide indefinitely, it’s more lucrative and popular to make use of the carbon captured for further fossil fuel production.
Congressional researchersThe technology has been pioneered by U.S.-based companies, which inject approximately 68 million tons of carbon dioxide into the soil each year.
Exxon Mobil announced recently a plan that will increase its carbon capture from the refineries it operates near Houston, Texas. It claims to have captured 40% of carbon captured worldwide so far.
Another count is from investors at Engine No. 1Exxon might be emitting less than 1% annually on a continuous basis, which would suggest that it may not capture more than 0.1%. Scope3 emissions is an additional accounting that shows a company’s global warming potential. Exxon Mobil publicly disclosed an estimate of its Scope 3 emissionsIt will be the first time that this happens in 2021.
CNBC was informed by the company that it would try to reduce its fossil fuel production through 2025 depending on market conditions. There could be more as climate regulators worldwide zero in.
Kate Ervine is a carbon market analyst and says that the devil lies in details when it comes writing climate policies that will affect major oil companies.
You can see the full video about Exxon Mobil’s plans to cut its carbon emissions.