Advancing climate solutions

We are focused on five strategic priorities to create sustainable solutions that improve quality of life and meet society’s evolving needs. Our strategy calls for us to maximize the advantages of our scale, business integration, leading technology, functional excellence, and our people to build globally competitive businesses that lead industry in earnings and cash flow growth across a range of future scenarios. We strive to play a leading role in the energy transition, bringing to bear these same advantages while retaining investment flexibility across a portfolio of evolving opportunities to grow shareholder value. Read more about ExxonMobil’s ongoing strategy in the 2023 Advancing Climate Solutions Progress Report .

With a long history of innovation, combined with scientific and operational expertise, ExxonMobil has the technical readiness to lead in carbon capture and storage (CCS) technologies. Currently, CCS is one of the few technologies that could enable some industry sectors to decarbonize while also creating economic opportunities. The company has more than 30 years of experience in CCS technology, and is the first company to capture more than 120 million metric tons of CO ₂ , which is equivalent to eliminating the emissions of more than 25 million cars for one year.

Carbon capture and storage can remove more than 90% of industrial CO ₂ emissions and the technology capability is available today. It's one of the critical technologies required to achieve net-zero emissions and the climate goals outlined in the Paris Agreement. ExxonMobil is advancing plans for multiple new carbon capture and storage opportunities around the world to enable large-scale emission reductions.

With global demand for energy projected to grow by about 25% through 2040, ExxonMobil seeks to progress the science needed to deliver advanced biofuels with environmental benefits, identifying the best pathways to make these groundbreaking technologies available to consumers. The company is working alongside scientists at universities, government laboratories and companies to develop solutions for tomorrow’s commercial transportation that do not compete with food or water supplies.

Through these partnerships, ExxonMobil is focused on fundamental science and engineering, and ultimately the production of advanced biofuels that are affordable, sustainable and scalable. Examples include algae, corn stover, switchgrass or methane emitted from microbial activity in landfills. Among many other benefits, algae can be used to manufacture biofuels similar in composition to today’s transportation fuels.

ExxonMobil’s scientists and engineers are working to develop innovative and scalable solutions to help reduce emissions, with a focus on the highest-emitting and most-difficult-to-decarbonize sectors of the economy: commercial transportation, power generation and heavy industry. But to achieve the goals of the Paris Agreement, durable, predictable, market-driven policies are needed to produce the greatest emissions reductions at the lowest cost to society.

Public policy decisions are made at all levels of government and have significant effects on our current and future operations. ExxonMobil supports policies that promote a stable investment climate for long-term business viability and continues to communicate our positions to policy stakeholders and governments around the world.

• Establishing a market price on carbon will play an important part by providing the needed clarity and stability required to drive investment.
• No single technology on its own can enable society to achieve its lower-emission ambitions.
• Predictable, stable, cost-effective policies are necessary to incentivize the development and scalability of a wide range of lower-emission technologies across the economy.