Exxon Mobil, which has long been criticized by environmentalists and some investors and elected leaders for not doing enough to curb climate change, said it would invest $ 3 billion in energy projects over the next five years Which reduce emissions.
The company said that the area it would work on is capturing carbon dioxide emissions from industrial plants and storing gas, so it does not enter the atmosphere, where it contributes to global warming. Many climate experts have stated that such carbon capture and sewage will be important in the fight against climate change.
Exxon said it is building a new business called ExxonMobil Low Carbon Solutions and is working on 20 carbon capture projects worldwide, including Texas, the Netherlands, Singapore and Qatar.
The move comes as the Biden administration has promised to take other steps to strengthen fossil fuel industry regulations, raise fuel economy standards for cars and reduce emissions of carbon dioxide and other greenhouse gases. Some institutional investors and environmental groups are also pushing Exxon and other companies to cut emissions from their operations and use of their products.
Exxon has been a frequent target of such campaigns in particular because unlike European oil giants such as BP and Royal Dutch Shell, it has not invested in renewable energy or sought to set ambitious climate targets.
The announcement from Exxon was said by General Motors to stop the sale of petroleum-powered cars and trucks by 2035 and to sell only zero-emission vehicles.