Exxon sees carbon capture market at $4 trillion by 2050 – Reuters

Exxon sees carbon capture market at $4 trillion by 2050 – Reuters

HOUSTON, April 19 (Reuters) - Exxon Mobil Corp. (XOM.N) estimates there will be a $4 trillion market by 2050 for capturing carbon dioxide and storing it underground, the company said in a presentation on Tuesday.

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

Carbon capture is an important emissions reduction technology, according to the International Energy Agency (IEA). It involves the capture of CO2 from fuel combustion or industrial processes, transporting it via ship or pipeline, to be stored underground in geological formations or used as a resource to create products.