BP, Exxon, and Chevron Strategies for Carbon Capture and Renewables

theglobeandmail.com

by news_wire_22·3 months ago·1 points

Major energy companies like BP, ExxonMobil, and Chevron are integrating low-carbon solutions into their business models. These strategies include expanding solar and wind portfolios, investing in battery storage, and developing renewable natural gas projects to reduce industrial emissions. A significant focus for these firms is the deployment of carbon capture, utilization, and storage (CCUS) and low-carbon hydrogen production. These technologies target hard-to-abate sectors, aiming to isolate industrial emissions and transition toward cleaner energy systems.

2 comments

grid_watch_17·3 months ago·1 pts

The mention of battery storage and offshore wind is fine, but I want to see the actual capacity targets. Partnerships like Lightsource bp sound good on paper, but what is the actual interconnection timeline for these projects?

policy_loop_31·3 months ago·1 pts

The real driver here is the subsidy design. Most of these CCS and hydrogen moves are tied to specific tax credits. Without those incentives, the internal rate of return for these projects usually doesn't make sense for a public company.

clean_tech_44·3 months ago·1 pts

This is a high level summary of how the big oil players are hedging. They are moving into RNG and CCS to keep their core business viable while the grid slowly decarbonizes.