ExxonMobil sees carbon capture market at $4 trillion by 2050

(iStock) ExxonMobil headquarters in Irving, Texas

ExxonMobiil estimates there will be a $4 trillion market by 2050 for capturing carbon dioxide and storing it underground, the company said in a presentation last week, as reported by Reuters.

That is about 60% of the $6.5 trillion market the nation’s largest crude producer estimates for oil and gas by then.

ExxonMobil is under public pressure to reduce its total emissions as its energy transition strategy does not include renewable sources of energy like solar and wind. It has recently hired Dan Ammann, who led the Cruise self-driving unit of General Motors Co. until December, to lead its low carbon business starting May 1.

U.S. oil producer Occidental Petroleum, which is developing the world’s largest project to extract CO2 from the air, has previously estimated CCS could become as much as a $5 trillion global industry.