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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