ExxonMobil, Shell Collaborate on CCS Project with Singapore
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ExxonMobil and Shell have been selected by Singapore’s government to develop a carbon capture and storage project to address emissions from hard-to-decarbonize industries in the country.
The Singapore-based branches of the two companies have formed a new “S-Hub” consortium, which will lead a project to capture emissions and store carbon underground or beneath the seabed within the country. The carbon capture and storage (CCS) project aims to capture and store 2.5 million tons of carbon emissions each year by 2030, reportedly the equivalent of replacing 1 million gas-powered cars with electric vehicles.
The S-Hub signed an agreement with the Singapore Economic Development Board at the end of last year, and proceedings will be subject to definitive agreements made between the two parties, according to Exxon.
“Carbon capture and storage has the potential to be a key decarbonization pathway for Singapore, especially for sectors with hard-to-abate emissions such as energy and chemicals, power, and waste,” said Lim Wey-Len, executive vice president of the Singapore Economic Development Hub. “We are pleased to appoint S-Hub to study and develop a CCS project with partners in the region. This is part of the government’s ongoing efforts to build a portfolio of decarbonization measures to realize our climate change targets.”
CCS Required for Net-Zero Targets, Oil Companies Face Criticism Over its Viability
Major oil companies have come under scrutiny for their outsized support of carbon capture and storage technologies that reportedly fall short of science-based policy guidance. While some level of carbon capture will be required to meet global decarbonization goals, the practice has also been used as an excuse to continue fossil fuel development.
Singapore has undergone significant efforts towards meeting its goal of net zero by 2050, yet the country is also reportedly one of the world’s top three oil trading and refining hubs.
Scaling up CCS technologies will be especially necessary for decarbonizing industries that lack accessible clean energy alternatives. Yet, as renewable energy development continues to grow and outpace fossil fuels, many parties argue that oil companies should not rely on the technology too heavily, especially as it remains in the early stages of development.
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