Exxon Mobil (NYSE:XOM) is working on creating know-how for direct air capture of carbon dioxide, however the firm has no plans to put money into constructing electrical automobile charging stations, an organization government advised Reuters in an interview Tuesday.
Exxon (XOM) may change into a serious DAC participant if excessive prices come down and the know-how advances to some extent the place it could work effectively at scale, in keeping with Matthew Crocker, senior VP within the firm’s low-carbon options enterprise.
Direct air capture “would link very closely to our [carbon capture and storage] business where we are going to have large geologic storage and the capability to capture CO2,” Crocker mentioned. “That’s one component of reducing the cost of direct air capture.”
Exxon’s (XOM) power transition technique is concentrated on decreasing carbon emissions from its enterprise and CCS, somewhat than investing in renewable power sources akin to photo voltaic and wind, though it’s also investing in hydrogen and biofuels.
The firm additionally has no plans to put money into constructing EV charging stations as a result of it’s not an space wherein it could carry vital aggressive benefit, Crocker mentioned.