MOSCOW (MRC) -- ExxonMobil has said it is on track to meet its 2025 emissions reduction targets by the end of this year - four years earlier than planned - and has vowed to ramp up investments to further cut emissions, according to Upstream.
The US supermajor said it is now working on more aggressive reduction plans, which will be accelerated from an increase in the company’s investment into its low-carbon initiatives.
ExxonMobil initially announced it would invest USD3 billion into its initiatives to reduce greenhouse gas emissions through 2025 but has now upped that to USD15 billion over the next six years.
Much of the spending is directed toward its Low Carbon Solutions business, which works to lower emissions in hard-to-decarbonise sectors like heavy industry, commercial transportation and power generation.
The first project announced by the low-carbon solutions business is a carbon capture and storage (CCS) hub at the Houston Ship Channel. By 2040, the hub plans to capture and store 100 million tonnes per annum of carbon dioxide from a variety of facilities in the area. Eleven companies have expressed interest in participating in the hub.
During a recent congressional inquiry that put oil and gas executives on the stand, ExxonMobil chief executive Darren Woods said the price on carbon required for the hub is USD100 per tonne but may differ project to project.
As MRC wrote before, last week, ExonMobil signed a memorandum of understanding with national oil company Pertamina to evaluate the potential for the large-scale deployment of low-carbon technologies in Indonesia. Under the MoU, the companies will identify potential subsurface CO2 storage locations and will examine the feasibility of transporting CO2 in Southeast Asia.
We remind that ExxonMobil plans to build its first, large-scale plastic waste advanced recycling facility in Baytown, Texas, and is expected to start operations by year-end 2022. By recycling plastic waste back into raw materials that can be used to make plastic and other valuable products, the technology could help address the challenge of plastic waste in the environment. A smaller, temporary facility, is already operational and producing commercial volumes of certified circular polymers that will be marketed by the end of this year to meet growing demand.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,868,160 tonnes in the first nine months of 2021, up by 18% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,138,510 tonnes in January-September 2021, up by 30% year on year. Supply of propylene homopolymer (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding statistical copolymers of propylene (PP random copolymers) decreased significantly.