Exxon sees its first Gulf Coast carbon capture project starting next year

illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Post or enjoy below:

🗞️ Driving the news: Exxon Mobil aims to launch its first US Gulf Coast carbon capture project next year, pending regulatory approval for wells to store CO2 emissions underground
• The project would capture 2 million tons of CO2 annually from CF Industries’ ammonia plant in Louisiana

🔭 The context: The project is part of Exxon's broader goal to establish a Gulf Coast carbon capture hub capable of storing up to 100 million tons of emissions from industrial sites
• Carbon capture is seen as crucial for reducing emissions from fossil fuel use, though the technology is still developing

🌍 Why it matters for the planet: Carbon capture and storage (CCS) can mitigate industrial emissions, aiding in the transition to a lower-carbon economy while retaining the energy benefits of fossil fuels
• Large-scale CCS could be a pivotal tool in meeting climate goals

⏭️ What's next: Exxon awaits Louisiana's approval for Class 6 permits needed for the storage wells
• If granted, the project is expected to start in early 2025, potentially setting the stage for more CCS initiatives in the Gulf Coast

💬 One quote: "The primary thing that needs to fall into place...is the Class 6 permit for the storage wells for that project." – Dan Ammann, President of Low Carbon Solutions, Exxon

📈 One stat: The Gulf Coast hub aims to capture up to 100 million tons of emissions annually

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