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Exxon has put what would have been one of the world's largest carbon capture projects on indefinite hold, citing strain from the pandemic. Yet the oil giant is going ahead with an oil and gas project that costs 35x more to build. A @climate investigation. https://www.bloomberg.com/news/features/2020-12-07/exxon-s-xom-carbon-capture-project-stalled-by-covid-19
This investigation by @CrowleyKev and @AkshatRathi ask an urgent question about carbon capture, a tool that climate scientists agree is necessary to slow global warming. This tech already works, oil sector is its main driver, and it can make money. But will the industry invest?
The example of Exxon's stalled carbon capture project in Wyoming suggests that, in a crunch like we're seeing now, oil giants may very well choose to invest in creating more emissions rather than capturing them. https://www.bloomberg.com/news/features/2020-12-07/exxon-s-xom-carbon-capture-project-stalled-by-covid-19
This story continues a @climate investigation into Exxon. We know the company came into 2020, before the pandemic, with plans to invest $210B in projects that would have *raised* annual emissions 17% by 2025. That's based on Exxon planning documents. https://www.bloomberg.com/news/articles/2020-10-05/exxon-carbon-emissions-and-climate-leaked-plans-reveal-rising-co2-output
We also know, from @CrowleyKev and @AkshatRathi's reporting, Exxon creates detailed forecasts of its emissions—at least out to 2025—without sharing that information with its investors or the public. Shareholders are starting to demand change. https://www.bloomberg.com/news/articles/2020-10-06/exxon-climate-disclosures-big-oil-hides-carbon-forecasts-from-investors
From our look inside Exxon's planning, we can see spending to reduce emissions doesn't get the same prioritization as spending that will release more CO2 into atmosphere. Even though Exxon's ads about carbon capture are commonplace. https://www.bloomberg.com/news/features/2020-12-07/exxon-s-xom-carbon-capture-project-stalled-by-covid-19
