Carbon capture market to grow to $4 trillion by 2050
21:36 22.04.2022 5121
ExxonMobil estimates that by 2050 the market for carbon dioxide (CO2) capture and storage will be $4 trillion. This is stated in the presentation of the company, held this week, according to Neftegaz.RU.
This is about 60% of the oil and gas market, which by 2050 will amount to 6.5 trillion US dollars.
According to the International Energy Agency (IEA), carbon capture is an important technology for reducing emissions into the atmosphere.
Capture technology includes capturing CO2 from fuel combustion or industrial processes; its transportation by sea or pipeline; stored underground in geological formations or used as a resource to create products.
Global oil and gas majors are investing to make carbon capture and storage a business. This is important because international organizations such as the Intergovernmental Panel on Climate Change (IPCC) have identified this technology as key to mitigating global warming.
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