Energy Efficiency, GHG Emissions, Sourcing Renewables - March 2, 2022
Exxon Invests in Energy Transition, Adds Hydrogen Production Plant
ExxonMobil announced plans to spend more than $15 billion over the next six years to reduce GHG in company operations and for investments in lower emission business opportunities. The company provided details for its plans to invest in energy transition projects at its annual investor day.
“We’ll continue to innovate and provide solutions that meet the growing needs of society, including its net-zero emissions ambitions, by fully leveraging our competitive advantages of scale, integration, technology, functional excellence, and our highly skilled people,” said CEO Darren Woods in a statement.
The company has made progress on multiple carbon capture and storage opportunities globally. It also is planning strategic investments in hydrogen, including at its integrated refining and chemical complex in Baytown, Texas and in lower-emission biofuels at the Strathcona refinery near Edmonton, Canada.
ExxonMobil has stated its ambition to achieve Scope 1 and Scope 2 net zero greenhouse gas emissions for operated assets by 2050.
The company’s 2030 emission reduction plans include net zero emissions for Permian Basin operations by 2030 and a 20-30% reduction in company-wide Scope 1 and Scope 2 GHG emissions intensity, compared to 2016.
ExxonMobil is also planning a hydrogen production plant in Baytown, Texas, supporting efforts to reduce emissions from company operations and local industry. The hydrogen would fuel the olefins plant and reduce integrated site emissions by up to 30%.
The proposed hydrogen facility would produce up to 1 billion cubic feet per day of “blue” hydrogen, which is an industry term for hydrogen produced from natural gas and supported by carbon capture and storage.
Using hydrogen as a fuel at the Baytown olefins plant could reduce the integrated complex’s Scope 1 and 2 CO2 emissions by up to 30%, supporting ExxonMobil’s ambition to achieve net zero greenhouse gas emissions from its operated assets by 2050.
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