ExxonMobil Invests in Cutting Emissions

ExxonMobil has signed an agreement with the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) and National Energy Technology Laboratory (NETL) as part of its efforts to advance lower-emissions technologies

ExxonMobil will fund operations of the two institutions to the tune of $100 million over the next 10 years, looking to bring biofuels and carbon capture and storage to commercial scale across the transportation.

“The agreement adds to our work with more than 80 universities around the world and with five energy centers – at MIT, Princeton, Stanford, the University of Texas and two national universities in Singapore,” Chairman and CEO Darren Woods said.

“In addition, we partner with private sector companies that have unique capabilities critical to potential breakthroughs, such as Synthetic Genomics on algae biofuels,” he added.

"We are committed to helping society reduce global emissions while supporting growth and prosperity for communities around the world – effectively addressing the dual challenge,” Woods said.

Last year, ExxonMobil participated in a Vatican-led climate dialogue, joined the Oil and Gas Climate Initiative and advocated for policies such as a carbon tax and strong methane regulations.

Woods said the company continues its work on potential technology breakthroughs – including next-generation biofuels for transportation, carbon capture for power generation and new industrial processes to reduce energy use – to provide reliable, affordable and lower-emission energy at the necessary scale to have a global impact.

“The world needs additional solutions,” he said. “That’s where we think we can add significant value – leveraging ExxonMobil’s experience in the global energy system and our strong foundation in research and development.”