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ExxonMobil sees carbon capture and storage (CCS) as a key strategy in reducing emission that harm the environment – and the company plans to site a multi-user CCS hub in Houston.
The company announced the $100 billion project focusing on CCS on April 20. The project requires a public-private buy-in and is expected to require $100 billion or more to make this containment project happen.
Gov. Greg Abbott cheered the potential investment in an April 21 tweet.
“Texas is an energy leader, thanks to innovative companies like @exxonmobile who invest in our communities and seek a cleaner future,” the governor wrote.
And he’s not the only one who made a statement following ExxonMobil’s announcement of the project. Houston Mayor Sylvester Turner released his own statement on April 20.
"As we celebrate Earth Day and the one-year anniversary of the Houston Climate Action Plan, I am pleased to see ExxonMobil's commitment to reducing the Houston area's industrial carbon dioxide emissions. Our Climate Action Plan is about partnership,” Turner said in a news release. “The energy industry is a key partner. We have always said that the Climate Action Plan is not about moving Houston away from the energy industry but about moving the energy industry forward. ExxonMobil's announcement to create a carbon capture innovation zone in the Houston area is an example of the energy industry moving forward.”
The city uses 100% clean renewable energy and is working to reduce emissions in building, waste, and transportation systems, although there is more that could be done, particularly with the energy industry investing in technologies like CCS.
"Our region is home to some of the largest carbon emitters in the country, and we all have a responsibility and role to play in decarbonization. We all recognize that to stop climate change, we need to reach the Paris Agreement goal of carbon neutrality sooner and cut our emissions in half by 2030,” Turner said. “This proposal by ExxonMobil is the type of bold ambition and investment we will need to meet our climate goals and protect our communities from climate change. ExxonMobil's proposal represents a significant step forward for the energy industry, and I hope it brings more companies to the table to help Houston lead a global energy transition."
This project could store up to 50 million metric tons of carbon dioxide by 2030, according to Joe Blommaert, president of Exxon’s Low Carbon Solutions business. The Houston Ship Channel and industrial areas nearby could be a CCS Innovation Zone to capture the carbon dioxide. Then, the company would take the stored carbon and bury it into natural geologic formations below the sea floor.
Bloomaert sees this project as one with potential to do more than just help the environment.
"We could create an economy of scale where we can reduce the cost of the carbon dioxide mitigation, create jobs and reduce the emissions," he said.