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