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

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