ExxonMobil ups low-carbon investment by 14pc

US oil major’s scope three emissions push to focus on large-scale CCS, hydrogen and biofuels

US oil major ExxonMobil has increased its projected investment in low-carbon projects over the next five years by 14pc compared with previous guidance for the period. The company announced in an updated five-year business plan that $17bn has been allocated to growing its low-carbon solutions business through 2027. Total annual capex across all parts of ExxonMobil’s business over the next five years is projected at $20–25bn. The low-carbon investments will be aimed at projects to cut customers’ emissions, with a “primary emphasis” on large-scale carbon capture and storage, biofuels, and hydrogen. $17bn – Low-carbon capex in 2022–25 The balance of the capital will be deployed in suppor