Exxon Mobil sees multiple money-making opportunities in a low-emissions world and is targeting partnerships with venture funds to help finance growth in its carbon capture business, chief executive Darren Woods said.
“We’re seeing tech funds, venture funds investing in this space looking for opportunities to invest in carbon reduction opportunities,” Mr Woods said in an interview with Bloomberg TV on Thursday. “This I think is an opportunity for our Low Carbon Solutions business.”
Exxon sees itself as a leader in carbon capture and sequestration, a process whereby the planet-warming gas is taken from the air or emissions sources and locked away underground.
Governments setting a price on carbon dioxide could open up a range of lucrative opportunities for tax credits and offset trading for companies like Exxon with storage capabilities. Partnerships with outside investors would mean Exxon would not need to fund large projects solely with its own cash.
“Part of what our Low Carbon Solutions business is really going to be focused on is finding people who are potentially interested in partnering and leveraging the capabilities that Exxon Mobil can bring to this space to make the investments and reduce the amount of carbon in the atmosphere,” Mr Woods said.
Occidental Petroleum has plans to build the world’s biggest facility that will capture carbon dioxide directly from the air and then pump it into the ground either for storage or to enhance oil recovery. Crucially, it’s funding the venture, at least in part, with other people’s money, capitalising on the boom in clean energy investing. Rusheen Capital Management and United Airlines Holdings are helping finance the project.
Under pressure from investors to reduce its own emissions and ready itself for the energy transition, Exxon launched the Low Carbon Solutions business earlier this year and is ready to spend $3 billion on it through 2025. While this is less than 5 per cent of Exxon’s total capital spending, most of which goes toward fossil fuels, it marked a shift in tone for the US oil giant, which has been criticised for lagging its European peers on climate change.
Exxon has been in the carbon capture space for more than a decade but has been unwilling to commit significant amounts of capital to projects due to low returns, regulatory uncertainty and technological constraints. The recently expanded 45Q tax credit makes the technology more appealing, but a carbon tax or other proposals being put to the Biden administration could dramatically boost the sector’s profitability.
The American Petroleum Institute, of which Exxon is a member, is considering throwing its weight behind a government-imposed price on carbon emissions, according to people familiar with the discussions, in what would be a major policy shift by the oil industry’s top trade group. That would help incentivise a market for carbon offsets, which would be used by used by airlines, cement manufacturers and other industries with limited options for paring emissions today.
“Companies that are in sectors that are difficult to decarbonise are looking for opportunities to offset their carbon emissions and we think that’s an opportunity,” Mr Woods said. “We’ll be looking at that angle as well as well as the investment angle.”
UAE currency: the story behind the money in your pockets
Everton 1 Stoke City 0
Everton (Rooney 45 1')
Man of the Match Phil Jagielka (Everton)
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
RACE CARD
6.30pm Maiden (TB) Dh82.500 (Dirt) 1,400m
7.05pm Handicap (TB) Dh87,500 (D) 1,400m
7.40pm Handicap (TB) Dh92,500 (Turf) 2,410m
8.15pm Handicap (TB) Dh105,000 (D) 1,900m
8.50pm UAE 2000 Guineas Trial (TB) Conditions Dh183,650 (D) 1,600m
9.25pm Dubai Trophy (TB) Conditions Dh183,650 (T) 1,200m
10pm Handicap (TB) Dh102,500 (T) 1,400m
PROVISIONAL FIXTURE LIST
Premier League
Wednesday, June 17 (Kick-offs uae times) Aston Villa v Sheffield United 9pm; Manchester City v Arsenal 11pm
Friday, June 19 Norwich v Southampton 9pm; Tottenham v Manchester United 11pm
Saturday, June 20 Watford v Leicester 3.30pm; Brighton v Arsenal 6pm; West Ham v Wolves 8.30pm; Bournemouth v Crystal Palace 10.45pm
Sunday, June 21 Newcastle v Sheffield United 2pm; Aston Villa v Chelsea 7.30pm; Everton v Liverpool 10pm
Monday, June 22 Manchester City v Burnley 11pm (Sky)
Tuesday, June 23 Southampton v Arsenal 9pm; Tottenham v West Ham 11.15pm
Wednesday, June 24 Manchester United v Sheffield United 9pm; Newcastle v Aston Villa 9pm; Norwich v Everton 9pm; Liverpool v Crystal Palace 11.15pm
Thursday, June 25 Burnley v Watford 9pm; Leicester v Brighton 9pm; Chelsea v Manchester City 11.15pm; Wolves v Bournemouth 11.15pm
Sunday June 28 Aston Villa vs Wolves 3pm; Watford vs Southampton 7.30pm
Monday June 29 Crystal Palace vs Burnley 11pm
Tuesday June 30 Brighton vs Manchester United 9pm; Sheffield United vs Tottenham 11.15pm
Wednesday July 1 Bournemouth vs Newcastle 9pm; Everton vs Leicester 9pm; West Ham vs Chelsea 11.15pm
Thursday July 2 Arsenal vs Norwich 9pm; Manchester City vs Liverpool 11.15pm
OTHER IPL BOWLING RECORDS
Best bowling figures: 6-14 – Sohail Tanvir (for Rajasthan Royals against Chennai Super Kings in 2008)
Best average: 16.36 – Andrew Tye
Best economy rate: 6.53 – Sunil Narine
Best strike-rate: 12.83 – Andrew Tye
Best strike-rate in an innings: 1.50 – Suresh Raina (for Chennai Super Kings against Rajasthan Royals in 2011)
Most runs conceded in an innings: 70 – Basil Thampi (for Sunrisers Hyderabad against Royal Challengers Bangalore in 2018)
Most hat-tricks: 3 – Amit Mishra
Most dot-balls: 1,128 – Harbhajan Singh
Most maiden overs bowled: 14 – Praveen Kumar
Most four-wicket hauls: 6 – Sunil Narine
Jawan
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German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
