ExxonMobil is furthering its low-carbon business strategy by signing a memorandum of understanding Pertamina. ExxonMobil and Pertamina are jointly investigating the feasibility of large-scale low-carbon technologies are feasible in Indonesia. The two companies signed a memorandum of understanding near Glasgow, which at the time was hosting the COP26 summit.
The projects include carbon capture and underground storage, and development of “low-carbon hydrogen.” Exxon has an equity share in about 20% of global carbon dioxide capture capacity, which has captured some 40% of all the anthropogenic CO2 captured in the world.
ExxonMobil established its Low Carbon Solutions business unit in February 2021. A few months later, activist investor Engine No 1, led by founder Chris James, staged a shareholder rebellion that led to three members being ousted and replaced with executives with experience of profitable energy industry transformation. James believes the climate risk is business risk, reported the U.K.’s Guardian newspaper.
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