ExxonMobil, Texas ink deal for nation’s largest offshore CO2 storage site

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

🗞️ Driving the news: ExxonMobil has secured a deal with Texas to access over 270,000 acres of submerged land in the Gulf of Mexico for carbon dioxide storage, marking the nation’s largest offshore CO2 storage site
• The agreement will provide significant revenue for the Texas school system through the Texas Permanent School Fund

🔭 The context: Exxon already operates the largest CO2 pipeline network in the U.S. and views offshore carbon storage as essential to achieving net-zero emissions
• This deal complements its onshore carbon capture efforts and aligns with broader energy transition goals

🌍 Why it matters for the planet: The expansion of carbon capture and storage (CCS) infrastructure is critical in reducing industrial emissions and supporting global efforts to limit temperature rise under the Paris Agreement

⏭️ What's next: Exxon plans to drive further emissions reductions along the Gulf Coast, leveraging this offshore site to serve its growing portfolio of CCS customers

💬 One quote: "We’ll be driving substantial emissions reductions along the Gulf Coast through a comprehensive solution that includes capture, transportation, and storage" — Dan Ammann, President of Low Carbon Solutions, ExxonMobil

📈 One stat: Exxon has committed to storing 5.5 million metric tons of CO2 for industrial clients

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