BAKU, Azerbaijan, December 12. ExxonMobil is targeting up to $30 billion in low-emission opportunities between 2025 and 2030, with nearly 65% of the investments dedicated to reducing emissions for third-party customers, Trend reports.
According to the latest outlook, the company’s low carbon solutions business is focusing on three main areas: carbon capture and storage, hydrogen, and lithium, leveraging ExxonMobil’s core competencies in energy and technology.
One of the key projects is ExxonMobil’s development of the world’s first large-scale carbon capture and storage (CCS) system, which will include a high-capacity CO2 pipeline network. This network will connect industrial emitters to permanent subsurface storage sites throughout the U.S. Gulf Coast.
Additionally, ExxonMobil is advancing its low-carbon hydrogen facility in Baytown, Texas, which is expected to be the world’s largest of its kind. The facility is set to produce up to 1 billion cubic feet of virtually carbon-free hydrogen per day, capturing and storing approximately 98% of the CO2 emissions. Some of this hydrogen will be used to produce over 1 million metric tons of low-carbon ammonia annually. The company aims for a final investment decision on this project in 2025, with operations potentially starting in 2029.
ExxonMobil is also working on foundational projects that are compatible with current policies, technology, and infrastructure, while developing new technologies to reduce emission reduction costs. These efforts are crucial for scaling up low-carbon solutions.
With the right policy environment and increasing market demand, ExxonMobil expects its Low Carbon Solutions business to contribute an additional $2 billion in earnings by 2030, compared to 2024 levels.