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Exxon Floats $100 Billion Federal-Backed Carbon Capture Hub

  • Effort would require government funding to help pay for it
  • Project could bury 50 million tons a year of CO2 by 2030
Exxon Gas Stations As Earnings Figures Are Released
Photographer: Andrew Harrer/Bloomberg
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Exxon Mobil Corp. proposed a giant, $100 billion hub to capture carbon dioxide emissions along the U.S. Gulf Coast in Texas but warned that government funding would be required to pay for and develop it.

In what would be the world’s biggest carbon carbon and sequestration project, Exxon, along with a multitude of private and public partners, would build a facility to collect emissions from refineries, petrochemical plants and other industrial facilities along the Houston Ship Channel, Joe Blommaert, president of Exxon’s new low-carbon business said in a blog post.