ExxonMobil Predicts Big CCUS Business

From CNBC

ExxonMobil released its predictions on the carbon capture and storage market, estimating it will be a $4 trillion market by 2050. This is similar to a previously released estimate by Occidental Petroleum, which expects the market to reach $3 trillion to $5 trillion. 

The market totals include energy company investments in facilities as well as third party companies selling carbon credits via CCUS. 

The expected market increase is in line with industry movements—Silicon Valley companies just promised $925 for carbon removal, 2021 was the biggest year for CCUS projects so far, and we’re seeing a whole lot of carbon capture activity in Texas. 

Energy transition experts see carbon removal as an important technology in fighting climate change—with the caveat that it’s used in conjunction with drastic emissions reductions.