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Exxon Excited About $6 Trillion Decarbonization Business

by
Vasil Velev
April 6, 2023
2 minute read
Exxon Excited About Decarbonization Business - Carbon Herald
In a presentation to investors earlier this week, Exxon CEO Darren Woods and the company’s president of Low Carbon Solutions Dan Ammann, said the company’s decarbonization arm has the potential to surpass oil and gas revenue.

“The world’s climate challenge is immense, and the opportunity it creates is equally immense,” said Darren Woods, during the presentation, which contained projections that the addressable market can be $6 trillion by 2050.


“(This business)… is going to have a much more stable, or less cyclical, profile,” added Dan Ammann.

The investor presentation provided details about the five energy-related sectors Exxon will focus its efforts – electricity generation (which generates 40% of CO2 emissions as of 2021), industrial (28%), commercial transport (14%), light-duty transport (10%) and residential/commercial (10%).

The $6 trillion figure for the potential size of low-carbon markets (called “Molecules” by the company) consists of carbon capture, hydrogen and biofuels and is part of a broader $14 trillion market that also includes wind, solar, geo/hydro and nuclear.
https://carbonherald.com/exxon-decarbonization-business/