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Photo: Andrew Harrer/Bloomberg via Getty Images

Exxon on Wednesday said the company sees a $2 trillion "addressable market" in carbon capture and storage by 2040, and argues the company has strong expertise that positions it well.

The big picture: Exxon is vowing increased spending to expand its carbon capture efforts in coming years and looking into other areas, though it has eschewed the renewable power efforts of European peers.

  • "Exxon is focused on carbon capture and storage, hydrogen and carbon offset markets that shield its core oil and gas business from potential energy transition threats," the Financial Times notes.

Where it stands: Exxon, under pressure to act on climate, sees an opening to turn it into a "real business," which is a change from prior years when it held a "pessimistic view of investing heavily to commercialize carbon-capture projects," The Wall Street Journal reports.

What they're saying: “We’ve made enough progress where we are bringing some of the technology to the field now,” CEO Darren Woods told the paper.

  • “Couple that with governments around the world putting policies in place, investment interest in the space—all of this is coming together.”

Yes, but: Activist investors say Exxon is still a laggard in the climate space.

  • "Exxon needs to commit to a deeper, long-term shift of its capital allocation strategies to be consistent with the Paris Agreement," the Coalition United for a Responsible Exxon, a group of investors and advocates, said on Wednesday.
  • And investment group Engine No. 1, which has nominated a slate of directors to Exxon's board, released an analysis yesterday arguing Exxon's climate efforts and aggressive oil production plans leave it ill-prepared for the future.

Go deeper

Ben Geman, author of Generate
Mar 3, 2021 - Energy & Environment

Exxon says it's well-positioned amid investor pressure

Illustration: Aïda Amer/Axios

ExxonMobil said Wednesday that its oil-and-gas development plans will create good returns even at modest oil prices as the company looks to win back investor confidence after several rocky years.

Driving the news: The company, just ahead of an investor presentation this morning, said its investments are designed to generate returns of over 30% and touted its spending reductions.

Ben Geman, author of Generate
Mar 3, 2021 - Energy & Environment

FedEx pledges $2 billion to become carbon-neutral by 2040

Illustration: Sarah Grillo/Axios

Package giant FedEx said on Wednesday it hopes to become carbon-neutral across operations by 2040 and pledged $2 billion of "initial investments" toward the goal.

Why it matters: Flying and driving heavy stuff all over the place — FedEx says it's the world's largest cargo airline — has a substantial carbon footprint.

Oil industry's top lobbying group set to endorse carbon pricing

An oil pumpjack operates at dusk in Long Beach, California. Photo: Apu Gomes/AFP via Getty Images

The American Petroleum Institute is preparing to endorse, in principle, a price on carbon emissions, according to a draft statement first reported by the Wall Street Journal.

Why it matters: The endorsement of carbon pricing, which API said in its draft statement would "lead to the most economic paths to achieve the ambitions of the Paris Agreement,” would signal an evolving climate stance from the oil industry's top lobbying group.