- Sep 20, 2021 3:04 am GMT
ExxonMobil hopes of developing a CCS project to collect and sequester CO₂ emissions from petrochemical plants along the Houston Ship Channel through a public-private initiative estimated to cost “$100 billion or more.”
WHATS THE IMPACT
- The city of Houston’s ambitions to be carbon neutral by 2050.
- ExxonMobil is betting on CCS, it has not made any significant investment in Wind or Solar
- ExxonMobil is hoping to lure the region’s top 50 CO₂ emitters, and is lobbying federal, state and local officials for support.
- Calpine, Chevron, Dow, INEOS, Linde, LyondellBasell, Marathon Petroleum, NRG Energy, Phillips 66 and Valero have all began discussing plans to support Exxon Mobil’s CCS plans.
- If CCS technology is fully implemented at the Houston-area facilities these 11 companies operate, nearly 75 million metric tons of CO₂ could be captured and stored per year by 2040.
- Wood Mackenzie estimates U.S. would need to quadruple its CCS capacity to achieve the net-zero emissions target
- In Wood Mackenzie net-zero scenario, U.S. needs to reach 1 billion tonnes per annum (tpa) of storage by 2050, up from 25 mtpa
- The primary effort to meet "net-zero" require first and foremost 'Avoidance' projects (renewables) and 'Reduction' projects (Emission efficiency, Zero Emission Electricity); in short to medium-term.
- What cannot be avoided and reduced (hard to decarbonize industries; Aviation, Steel/cement) needs "Removal" projects (Nature based or technology based i.e CCS and Direct Air Capture)
- Decarbonization and market upscaling will needs public and private partnership. Need to reimagine what it means to be the energy capital of the world, and applying proven technology to reduce emissions is one of the best ways to get started.
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