Exxon Mobil Corp., an American energy giant, said in a report that the company expects carbon capture to grow into a $4 trillion market by 2050.
At present, carbon capture is mainly to extract carbon dioxide from the air and seal it underground to help slow down the pace of global warming. International agencies, including the United Nations Intergovernmental Panel on climate change (IPCC), point out that this technology is the key to mitigating the impact of global warming.
At present, some large oil companies have invested in this field, making carbon capture and storage (CCS) a related business. ExxonMobil predicts that this market will reach US $4 trillion by 2025, which is about US $3:5.4 trillion compared with the oil and gas market at that time (US $6.5 trillion), which is about Germany's annual gross domestic product (GDP) in 2020 and about 1.5 times the market value of apple.
ExxonMobil is under pressure to reduce its total emissions because its energy transformation strategy does not include options such as Cecep Solar Energy Co.Ltd(000591) and renewable energy such as wind energy. GM hired its senior executives 5 months ago.
ExxonMobil said on social media on Friday that its Strathcona refinery will use carbon capture and storage technology to produce renewable diesel, which will help reduce carbon dioxide emissions by up to 3 million tons a year, equivalent to planting 3.5 million acres of forest.
ExxonMobil is not the only one who values carbon capture. Last month, Western oil companies formulated a plan to promote their clean energy transformation business, including investing US $800 million to US $1 billion to build a carbon capture facility.
Vicki hollub, CEO of western Petroleum, told investors that this plan could also become a new value-added business of the company. She pointed out that for investors, this business may be more valuable than the traditional chemical business, which brought more than $1.5 billion in revenue to the company in 2021.
