Exxon Mobil, which has long been criticized by environmentalists and some investors and elected leaders for not doing enough to curb climate change, said on Monday it would invest $ 3 billion in energy projects over the next five years to reduce emissions.
The company said the first area to be worked on is the capture of carbon dioxide emissions from industrial plants and the storage of the gas so that it does not enter the atmosphere, where it contributes to global warming. Many climate experts have said that such carbon capture and sequestration will be critical in the fight against climate change.
Exxon said it is creating a new venture called ExxonMobil Low Carbon Solutions and is working on 20 carbon capture projects around the world, including in Texas, the Netherlands, Singapore and Qatar.
The steps come because the government of Biden has promised to tighten up the regulations of the fossil fuel industry, raise fuel consumption standards for cars and take other steps to reduce emissions of carbon dioxide and other greenhouse gases. Some institutional investors and environmental groups are also urging Exxon and other companies to reduce emissions from their operations and the use of their products.
Exxon in particular was a regular target for such campaigns, as unlike European oil giants such as BP and Royal Dutch Shell, it did not invest in renewable energy or set ambitious climate targets.
Exxon’s announcement comes days after General Motors said it was aiming to stop selling petroleum – powered cars and trucks by 2035, and only sell vehicles without emissions.