Exxon seeks $100 billion for Houston carbon capture plan
ABC News
Joe Blommaert, President of Low Carbon Solutions at Exxon Mobil, says carbon capture and storage (CCS) is essential to meeting the goals of the Paris agreement while also meeting the growing energy needs of the world
NEW YORK -- The Houston Ship Channel is home to petrochemical plants, power companies and heavy industries, all of which throw climate-harming emissions into the air.
In a process called “carbon capture and storage” (CCS), some industrial facilities capture this carbon dioxide before it leaves their plants, and then use it to develop products or store it underground.
Now Exxon Mobil has suggested turning the 50-mile-long channel into a CCS hub. The oil and gas giant is calling on industry and government to jointly raise $100 billion to create infrastructure to capture carbon dioxide at industrial plants, carry it away in pipelines and inject it deep under the floor of the Gulf of Mexico.
Joe Blommaert, President of Low Carbon Solutions at Exxon, says CCS is essential to meeting the goals of the Paris agreement while also meeting the growing energy needs of the world. Exxon has raked in more than $20 billion annually in profits over the past decade, on average, and nearly $300 billion annually in revenues. Blommaert talked with The Associated Press about the $3 billion that Exxon plans to spend on the business through 2025, and how the project might take shape. The interview has been edited for length and clarity.
