Sabrina Valle

HOUSTON, (Reuters) – Exxon Mobil Corp (NYSE): According to the company, there will be an estimated $4 trillion market for underground storage and capture of carbon dioxide by 2050.

It is roughly 60% of US crude oil producers’ estimates for the market worth $6.5 trillion in oil and natural gas.

According to the International Energy Agency, carbon capture is one of the most important technologies for reducing emissions. The process involves the capture and transportation of CO2 by means of ship, pipeline or rail. It can be used to make products or store it underground in geological formations.

As international organizations such as the Intergovernmental Panel on Climate Change, (IPCC), point out the importance of carbon capture and storage technology to reduce the impacts of global warming, large oil companies have invested to do so.

Exxon faces public pressure to cut its emissions because its energy transition strategy doesn’t include renewable energy sources like wind and solar. The company recently recruited Dan Ammann (who led the Cruise self driving unit of General Motors Co. (NYSE:) from December to run its Low Carbon business, starting May 1.

Occidental Petroleum (NYSE) is the U.S.’s leading oil producer. They are currently working on the biggest project ever to extract CO2 out of the atmosphere. Vicki Hollub, the Chief Executive of Occidental said that this technology can generate as many earnings and cashflow for them than today’s oil and gas.