Darren Woods, CEO of ExxonMobil, reacts at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S., November 15, 2023.
"So, you could say that about carbon capture today, you could say that about electric vehicles, about wind, about solar.
The future role of carbon capture technology and fossil fuels is a key issue at the conference.
Exxon has announced $17 billion of investment in its low carbon business, which includes carbon capture, and has argued that greenhouse gas emissions are the problem causing climate change, not the fossil fuels themselves.
Woods declined to provide details of the contracts, but said U.S. subsidies in last year's Inflation Reduction Act of up to $85 a ton for carbon capture and sequestration would make the investments profitable.
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