Exxon heralds $4 tln carbon capture market
STORY: Capturing CO2 and storing it underground will be big business by 2050
U.S. oil giant Exxon now predicts it will add up to a global market worth $4 trillion by then
Carbon capture and storage (CCS) would equate to 60% of the $6.5 trillion oil and gas market
CCS is an important emissions reduction technology, according to the International Energy Agency
CO2 from fuel combustion or industry is transported via ship or pipeline to be sequestered underground in geological formations
Exxon’s under pressure to reduce emissions as its energy transition strategy does not include renewables like solar and wind
It calls itself the world leader in CCS, having captured more human-made CO2 than any other company
