ExxonMobil recently released its corporate plan through 2030, and it has lowered the amount it says it plans to invest in low-carbon technologies.
According to the most recent corporate plan, the company plans to invest about $20 billion in low-carbon technologies between now and 2030. That’s $10 billion less than it said it planned to spend in last year’s corporate plan.
“The company is pursuing approximately $20 billion of lower-emission investments between 2025 and 2030, with approximately 60% focused on reducing emissions for third-party customers,” the plan said.
The plan also touted the company’s past low-carbon and carbon capture and storage (CCS) efforts, citing approximately 9 mtpa of CO2 it says is under contract with third parties for storage.
“The first CCS project began operations this year, and additional projects with partners like Linde, Nucor, and New Generation Gas Gathering (NG3) will start up in 2026,” the plan said. “The company is also advancing integrated CCS-enabled low-carbon data center projects, targeting a final investment decision by late 2026, reinforcing its ability to unlock new markets through CCS.”
Earlier this year, ExxonMobil announced it was part of a new global coalition aimed at developing a ledger-based carbon accounting framework and championing market-based solutions to drive emissions reduction. The founding members of the Carbon Measures coalition are ADNOC, Air Liquide, Banco Santander, BASF, Bayer, CF Industries, EQT Corp., Ernst & Young, Global Infrastructure Partners (a part of BlackRock), Honeywell, Linde, Mitsubishi Heavy Industries, Mitsui & Co., Mitsui O.S.K. Lines, NextEra Energy, Nucor, the Port of Rotterdam, and Vale.
“A standard carbon emissions accounting methodology provides a necessary foundation for a framework that will encourage competition, leverage each company’s strengths, and mobilize market forces to meet the challenge of growing energy demand while lowering emissions,” said Darren Woods, chairman and CEO of ExxonMobil.