Texas oil giant Exxon Mobil has floated a proposal for a public-private carbon storage project that would reduce the cost of the carbon dioxide mitigation and reduce emissions, Reuters reports.
The project would collect carbon dioxide emissions from U.S. petrochemical plants and bury them under the Gulf of Mexico. This would require companies and government agencies to contribute $100 billion or more from to store 50 million metric tons of carbon dioxide by 2030, with capacity potentially doubling by 2040.
In late 2020, Exxon Mobil cut billions in capital spending due to the drop in energy prices throughout the year. After losing more than $2.3 billion during the first three quarters of 2020, the oil company said it was planning to review and prioritize near-term capital spending on advantaged assets with the highest potential future value.
Exxon’s annual business plan inc
