strategy for meeting its Paris goals and included as part of the administration’s upcoming Nationally Determined Contributions (NDC) submission. We believe CCS should be a key part of the U.S. We applaud President Biden’s decision to rejoin the Paris Agreement, a framework ExxonMobil has supported since its inception. That’s why we envision a “zone” approach, similar to other public-private initiatives established to facilitate economic growth or tackle other broad societal challenges.Īnd today, one of the biggest challenges is reducing the risks of climate change while continuing to meet people’s need for affordable energy and the products they rely on every day. It will need government and private-sector funding, as well as enhanced regulatory and legal frameworks that enable investment and innovation. It will need business support from across industries and community support. It will need collaboration among federal, state and local officials – the “whole of government” approach the Biden Administration has championed. We also have extensive reservoir management expertise and decades of proven performance in safely building and operating large-scale projects.īut a concept as ambitious as a Houston CCS Innovation Zone will require a collective effort. We’re the global leader in CCS, having cumulatively captured more anthropogenic CO 2 around the world than anyone else. The Houston area also is home to more than 12,000 ExxonMobil employees, including myself.ĮxxonMobil is uniquely positioned to help advance this Houston CCS Innovation Zone concept. Gulf Coast.Īs the “Energy Capital of the World”, Houston is already the home to all kinds of energy innovation. Lessons learned from this Houston CCS Innovation Zone could be replicated in other areas of the country where there are similar concentrations of industrial facilities located near suitable CO 2 storage sites, such as in the Midwest or elsewhere along the U.S. Importantly, CCS also promises the potential of significant impact at lower societal costs compared to other emissions reduction technologies, especially for the manufacturing sector. In addition to having the potential to effectively decarbonize one of the country’s largest sources of industrial emissions, the concept could generate tens of thousands of new jobs and protect thousands of existing jobs. This concept could be a game-changer for deployment of CCS, benefitting not just Houston and its ambition to be carbon-neutral by 2050, but the United States as a whole. By 2040, it could be 100 million metric tons. It would be a huge project, requiring the collective support of industry and government, with a combined estimated investment of $100 billion or more.īut the benefits could be equally big: early projections indicate that if the appropriate policies were in place, infrastructure could be built in Houston to safely capture and permanently store about 50 million metric tons of CO 2 annually by 2030. The CO 2 would be piped into natural geologic formations thousands of feet under the sea floor. Gulf Coast is enough to hold 500 billion metric tons of CO 2 - more than 130 years of the country’s total industrial and power generation emissions, based on 2018 data.ĮxxonMobil believes the United States could establish a CCS Innovation Zone along the Houston Ship Channel and surrounding industrial areas with the potential to effectively capture all the CO 2 emissions from the petrochemical, manufacturing and power generation facilities located there. Department of Energy estimates that storage capacity along the U.S. Houston has two features that make it an ideal site for CCS: It has many large industrial emission sources, and it’s located near geologic formations in the Gulf of Mexico that could store large amounts of CO 2 safely, securely and permanently. We believe the time is right for a large-scale collaboration in the United States between government at every level, private industry, academia and local communities to create an “Innovation Zone” approach to dramatically accelerate CCS progress.Īnd we think Houston is the perfect place for such a concept. emissions more quickly?įor the past three years, ExxonMobil has been assessing the concept of multi-user CCS “hubs” in industrial areas located near geologic storage sites, such as depleted oil and gas reservoirs. The question is: How can CCS be deployed broadly to help reduce U.S. It’s one of the few proven technologies with the potential to significantly lower emissions from certain hard-to-decarbonize sectors, such as manufacturing and heavy industry. CCS could enable the United States to safely capture and store hundreds of millions of metric tons of carbon dioxide (CO 2 ) each year that otherwise would be released into the atmosphere.
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