Inside ExxonMobil
A collaborative effort: This ambitious concept will require the collective support of industry and government, with a combined investment of
$100 billion or more. It could also generate tens of thousands of new direct and indirect jobs, while also protecting current ones.
Up for the
challenge: This is an enormous challenge, but one ExxonMobil is well-suited and eager to help lead, due to our long history and expertise in capturing CO2, our experience in subsurface
reservoir management and our proven performance in safely developing and operating large-scale projects.
The Low Carbon Solutions team, whose leadership
now includes President Joe Blommaert, Vice President of Strategy and Advocacy Erik Oswald, and Vice President of Business Development Guy Powell, will be leading ExxonMobils efforts to pursue this CCS Innovation Zone idea and garner the
industry and government support needed to turn the concept into a reality.
Whats governments role?
For a large, ambitious project like this one to succeed, it will require the whole of government approach the Administration of U.S. President Joe
Biden has championed.
New policies are needed to spur the investment required to deploy CCS on a pace and scale to meet Paris Agreement goals. Government
should establish a durable regulatory and legal environment and implement policies to enable CCS to receive direct investment and incentives. Establishing a market price on carbon will play an important part by providing the needed clarity and
stability required to drive investment.
Stay tuned: Look out for more information on the Low Carbon Solutions business as its vision and strategy
takes shape.
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participants in the solicitation of proxies from shareholders in respect of the 2021 Annual Meeting. Information regarding the names of ExxonMobils directors and executive officers and their respective interests in ExxonMobil by security
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included in the Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANYS DEFINITIVE PROXY STATEMENT AND
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Photo of Houston Ship Channel:
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