Sarah McFarlane of The Wall Street Journal reports that Shell and Exxon are looking to turn captured carbon into a profit.
- Carbon capture is a tremendous technology that can reduce the carbon footprint of fossil fuels.
- Currently, there is robust private sector involvement in the space of carbon capture, with companies such as Microsoft investing in projects that reduce emissions.
- Exxon and Shell are looking to capture not only their own emissions but the emissions of other companies too.
- Through the leadership of the free market, we can reduce our emissions while keeping energy affordable.
“Energy giants such as Exxon Mobil Corp. and Royal Dutch Shell are pushing carbon capture and storage—where carbon is gathered and buried underground—as part of a drive to reduce both their own and their customers’ emissions. Executives say the service could become a new source of income when the industry is grappling with how to adapt to a lower-carbon economy.”
Read the full article here.