By Darren W. Woods and Joe Blommaert
As President Biden convenes the virtual Leaders Summit on Climate later this month, America has a unique opportunity to spearhead a breakthrough approach to reducing carbon emissions.
About 80% of the world’s energy-related carbon emissions come from three critical sectors of the economy: power generation, commercial transportation and industrial manufacturing. Meaningful progress toward achieving the world’s climate goals requires emission reductions from these sectors.
One of the proven technologies available that could play a major role is carbon capture and storage, or CCS, the process of sequestering industrial emissions and safely storing them permanently underground. CCS also promises the potential to reduce carbon emissions significantly at a cost competitive to other solutions, especially for the manufacturing sector.
For the past three years at ExxonMobil we have been studying the concept of creating multiuser CCS “hubs” in industrial areas. They would be located near safe geologic storage sites. A CCS Innovation Zone would bring together government incentives and private-sector investment.