(Reuters) – Improving economics and government policies are creating opportunities for carbon capture and storage, Exxon Mobil Chief Executive Darren Woods said at an energy conference on Tuesday.
Exxon, under pressure from activist investors who want the company to develop more ambitious plans for energy transition, recently launched a Low Carbon Solutions business to focus on carbon capture and storage.
The largest U.S. oil producer also plans to boost investment in new technologies related to hydrogen, but that remains expensive, Woods said at IHS Markit’s CERAWeek virtual conference.
Developing a market price on carbon will be important in making sure “we use market forces to reduce” emissions, said Woods, who anticipates global growth for natural gas in industrial operations and electric generation.
(Reporting by Jennifer Hiller; Editing by David Gregorio)
