Exxon, which suffered a US$22.4 billion loss last year, is battling shareholder groups that want the company to shift to cleaner fuels, including a hedge fund that wants four board seats to drive proposed changes. Exxon has pledged to increase spending on low-carbon projects and lower the intensity of greenhouse gas emissions.
While many oil and gas companies have seized on carbon capture programmes to offset emissions,"it is not something that's going to save them from having to go through the energy transition", said Rob Schuwerk, executive director of the North American office of Carbon Tracker Initiative, a think-tank that analyses the financial implications of a clean fuel transition.
Burying carbon dioxide underground"is not going to be a solution that works to preserve fossil fuel industries for an extended period of time", said Schuwerk.The carbon storage project is proposed for the Houston Ship Channel, an 80km-long waterway that is part of the Port of Houston and home to dozens of refineries and chemical plants. Exxon acknowledges that the proposal will require enormous support from other companies and from federal, state and local government agencies.
Exxon wants PUBLIC financing? NO. They should take full responsibility for cleaning up their own mess!
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