Several major countries have announced their commitment to using carbon “capture” or “storage” technologies as realistic solutions to combat climate change at the UN Climate Change Summit (COP28) in Dubai.
Japanese Prime Minister Fumio Kishida has pledged to stop the construction of new coal power plants without emission reduction measures in place.
“In line with its pathway to net-zero, Japan will end new construction of domestic unabated coal power plants while securing a stable energy supply,” said Kishida.
Japan, which heavily relies on imported coal and traditional fuels, aims to achieve carbon neutrality by 2050. The country has already reduced emissions by 20 percent and is working towards lowering the target of 46 percent by 2030 compared to 2013.
To reduce emissions, Japan plans to use hydrogen and ammonia alongside gas and coal in existing power plants. However, experts have expressed differing views on this approach.
ExxonMobil CEO Darren Woods has rejected the International Energy Agency’s recent claim that wide-scale carbon capture is an implausible solution to climate change. Woods compared this criticism to the initial skepticism towards electric vehicles and solar energy.
Woods stated that there is currently no solution at the scale required to solve the problem of climate change. He emphasized that criticism can be applied to any technology or initiative being pursued.
ExxonMobil has announced a $17 billion investment in its low-carbon business, including carbon capture. The company argues that greenhouse gas emissions are the primary problem causing climate change, rather than the fossil fuels themselves.
As part of its low-carbon strategy, ExxonMobil recently acquired Denbury and its carbon dioxide pipeline network. The company plans to bury carbon in offshore blocks in the Gulf of Mexico.
ExxonMobil has already secured long-term contracts for carbon reduction services, covering approximately five million tons of carbon dioxide annually. Global energy and industry sectors produce around 37 billion tons of CO2 each year.
Meanwhile, the US administration has announced new rules to address emissions from the oil and gas industry as part of a global effort to reduce climate change impacts.
The rules, revealed at the COP28 summit, include banning routine natural gas flaring, implementing stringent leak monitoring, and establishing third-party verification to crack down on leaks and improper flaring.
The Environmental Protection Agency (EPA) estimates that these policies will prevent around 58 million tons of methane from being released into the atmosphere, which is equivalent to removing over 300 million gas-powered cars from the road for a year.