Exxon Mobil Corp. is moving forward with a carbon capture and storage project that would reduce the cost of the carbon dioxide mitigation and reduce emissions, according to Reuters.
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 to store 50 million metric tons of carbon dioxide by 2030, with capacity potentially doubling by 2040.
The oil giant floated the proposal for the public-private project in April and is now reported to be in talks with rivals and government officials.
Exxon is aiming to attract the region's top 50 carbon dioxide emitters, and the firm is lobbying federal, state and local officials for support.