ExxonMobil has shared plans to work with steel manufacturer, Nucor Corp, on a carbon capture and sequestration project. Let’s take a moment to unpack that.
What’s Carbon Capture?
In short, it’s a climate tech solution that promises to remove carbon dioxide (produced by burning fossil fuels or other kinds of heavily polluting industry) from the atmosphere and safely store it. Some view it as an incredibly innovative technology but scientists doubt its legitimacy, many going so far as to call it greenwashing. See more here: Is Carbon Capture Greenwashing?
ExxonMobil Has a Plan
The scheme, set to start in 2026, will see Exxon store 800,000 metric tons of CO2 per year at Nucor’s site in Louisiana. This manufacturing site produces steel which is hugely polluting. Presumably, this collaboration is an attempt to manage that impact.
Last year, Exxon launched a business that buries carbon dioxide produced by companies seeking to reduce their emissions. This is highly disputed by scientists as a genuine way of reducing climate impact. Despite this, the sector is making money. Some predict the market could be valued at $4 trillion by 2050.
Exxon’s energy transition plan, for which they’ve allocated $17 billion, involves reducing the emissions generated by their operations and finding ways of charging other companies to assist in their emission reduction projects.
Do You Trust It?
According to the IEA (International Energy Agency), about 35 commercial facilities are practising carbon capture and sequestration, amounting to a capacity of 45 metric tons. Plans are in place for 200 more locations, which would bring up capacity to 220 metric tons. Exxon claims we should be using carbon capture to hold 7.6 billion metric tons by 2050 if we are to reach net-zero.
ExxonMobil’s GHG emissions accounted for 110 million metric tons in 2022. That’s more than double the yearly emissions of Sweden (40 million). I can’t help but wonder if this fervent push towards carbon capture is a distraction from the real issue, that they operate an inherently unsustainable business.
What do you reckon? Let us know in the comments!
