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By Christopher M. Matthews
Exxon Mobil Corp. is forming a business unit that will focus exclusively on technologies to lower carbon emissions, as the oil giant faces increasing pressure to step up its sustainability investments.
Exxon said Monday that the new business, dubbed low carbon solutions, would invest $3 billion through 2025 on lower emission energy technologies, primarily on carbon capture and storage projects, which gather carbon emissions from industrial processes or directly from the air and deposit them underground. Those investments would represent roughly 3% to 4% of Exxon s planned annual capital expenditures.
Exxon has a large research-and-development division that has invested in carbon capture for years, and Exxon says it has captured more carbon than any other company. Currently, the only large-scale use for captured carbon is to help produce more fossil fuels by pumping in the gas to squeeze more oil and gas out of the ground. ....

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