Exxon Mobil on Monday floated a proposal for a public-private carbon storage project that would collect planet-warming carbon dioxide emissions from U.S. petrochemical plants and bury them in deep under the Gulf of Mexico.
The plan would require “$100 billion or more” from companies and government agencies to store 50 million metric tons of CO2 by 2030, with capacity potentially doubling by 2040, Joe Blommaert, president of Exxon’s Low Carbon Solutions business, said in an interview.
Blommaert outlined the plan on Monday, about two months after the largest U.S. oil producer appointed him to run a new Low Carbon Solutions business that could profit from selling carbon-reduction technology and services.
