Shell, Exxon Look to Profit From Capturing Customers’ Carbon Emissions
Big oil companies are exploring charging for carbon storage, hoping to benefit from the drive to reduce emissions
By Sarah McFarlane: April 19, 2021 5:30 am ET
Oil companies have for decades made money by extracting carbon from the ground. Now they are trying to make money putting it back.
Energy giants such as Exxon Mobil Corp. and Royal Dutch Shell PLC are pushing carbon capture and storage—where carbon is gathered and buried underground—as part of a drive to reduce both their own and their customers’ emissions. Executives say the service could become a new source of income when the industry is grappling with how to adapt to a lower-carbon economy.