By Sabrina Valle
HOUSTON, April 19 (Reuters) – Exxon Mobil Corp. XOM.N estimates there will be a $4 trillion sector by 2050 for capturing carbon dioxide and storing it underground, the enterprise explained in a presentation on Tuesday.
That is about 60% of the $6.5 trillion current market the U.S. premier crude producer estimates for oil and gas by then.
Carbon seize is an vital emissions reduction know-how, in accordance to the Worldwide Vitality Agency (IEA). It will involve the capture of CO2 from fuel combustion or industrial procedures, transporting it by means of ship or pipeline, to be stored underground in geological formations or applied as a resource to develop goods.
Large oil providers have been investing to make carbon capture and storage (CCS) a applicable enterprise as worldwide bodies these kinds of as Intergovernmental Panel on Local climate Adjust (IPCC) level the technological know-how as important to mitigate the effects of worldwide warming.
Exxon is less than community strain to lessen its overall emissions as its electrical power transition method does not incorporate renewable resources of strength like solar and wind. It has recently hired Dan Ammann, who led the Cruise self-driving device of Normal Motors Co GM.N until December, to guide its Lower Carbon enterprise beginning on May 1.
U.S. oil producer Occidental Petroleum OXY.N, acquiring the world’s greatest venture to extract CO2 from the air, has earlier estimated CCS could come to be a $3-5 trillion world wide marketplace. The engineering could deliver as a lot in earnings and money circulation for Occidental than oil and gas today, Main Government Vicki Hollub claimed at a meeting in March.
(Reporting by Sabrina Valle Editing by Aurora Ellis)
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