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Exxon Makes a Long-Shot Bet on Climate Tech. Sizing Up the Costs.

Avi Salzman of Barron’s reports on Exxon’s exploration in direct air capture.

The C3 Take
  • Exxon is experimenting with a direct air capture unit at its refining and chemicals facility in Baytown, Texas.
  • Direct air capture has potential to be a significant solution in addressing climate change, but abatement costs with the technology are high ($600-$1,000 per ton of CO2).
  • Exxon is looking to cut this cost in half to increase wide-scale deployment, although it still exploring how it will do so.

“Unlike many of the climate-related projects Exxon is undertaking, this plant is highly experimental. Exxon has previously said that its low-carbon businesses like biofuels and lithium-mining need to make double-digit returns. Direct air capture, by comparison, is more of a space-age science experiment for now—one that may pay off or fade away. The company isn’t disclosing how much it’s spending on the project.”

Read the full article here.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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