Carbon capture and storage
ExxonMobil is the leader in carbon capture, with current carbon capture capacity totaling about 9 million tons per year.
What is carbon capture and storage?
Carbon capture and storage could help reduce CO2 in emission-intensive industries. See how it works.
Critical technologyThe International Energy Agency calls carbon capture and storage one of the critical technologies required to achieve net-zero emissions and the climate goals outlined in the Paris Agreement.
CCS in action
Key policy actions needed to scale up carbon capture and storage
Carbon capture and storage is one of the few proven technologies with the potential to significantly reduce emissions from certain hard-to-decarbonize sectors, such as manufacturing and heavy industry. However, new policies are needed to spur the investment required to deploy CCS at such a pace and scale. Here are the key and immediate actions required to continue moving forward:
Enhance the CCS Production Tax Credit (45Q) for non-EOR (enhanced oil recovery)
- Initially increase value to ~$100 per metric ton from current $50
- Extend eligibility period to 30 years from current 12 years
- Eliminate deadline for starting construction
Ensure government approval for CO2 storage
- Specifically allow offshore storage of CO2 from sources other than coal
- Authorize the Bureau of Ocean Energy Management to issue leases, rights of way and pore space
- Clarify that the U.S. Environmental Protection Agency has authority for permitting CO2 injection in subsea formations
Provide financial support for CCS infrastructure
- Provide a $10 billion grant to help develop infrastructure in Houston by extending current U.S. Department of Energy programs beyond research, development and demonstration (RD&D)
- Expand the U.S. Department of Energy Title XVII program to include the deployment of existing CCS technologies at scale
- Amend TIFIA (Transportation Infrastructure Finance and Innovation Act) to add CCS projects, or create a program dedicated to CCS
All articles about carbon capture and storage
Newsroom News • Nov. 29, 2022
Newsroom News • Nov. 12, 2022
Climate solutions News • Oct. 12, 2022
Carbon capture Blog • Oct. 12, 2022
Carbon capture Blog • Aug. 16, 2022