ExxonMobil announces major progress in carbon capture project

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

🗞️ Driving the news: ExxonMobil announced significant progress in its carbon capture and storage (CCS) initiatives, securing new agreements to store CO2 from major emitters in Louisiana and leasing 271,000 acres in the Gulf of Mexico for future CCS projects
• These developments position ExxonMobil to store 6.7 million metric tons of CO2 annually

🔭 The context: The lease in Texas, adjacent to ExxonMobil's existing CO2 infrastructure, enhances its capacity to store large volumes of CO2 underground
• This comes as ExxonMobil tackles regulatory hurdles around Class 6 injection permits needed for CO2 storage

🌍 Why it matters for the planet: ExxonMobil’s CCS projects aim to reduce carbon emissions from major industries, but critics argue that CCS is an expensive and unproven long-term climate solution
• ExxonMobil counters by emphasizing the safety and monitoring of its storage processes

⏭️ What's next: ExxonMobil expects to begin CO2 injections in early 2025, contingent on permit approvals
• The company continues its geologic analysis to ensure secure storage in newly leased areas

💬 One quote: “The most fundamental thing we’re focused on is making sure the CO2 is stored safely and securely,” – Dan Ammann, President of ExxonMobil Low Carbon Solutions

📈 One stat: ExxonMobil's new agreement brings its total planned CO2 storage capacity to 6.7 million metric tons annually

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