Oil major ExxonMobil has pledged $100 million in funding for government research laboratories over the next ten years. The money will go to the National Energy Technology Laboratory and the National Renewable Energy Laboratory where it will be spent on looking into new ways to cut greenhouse gas emissions, such as through the use carbon capture or the development of advanced biofuels.
ExxonMobil CEO and chairman Darren Woods said:
“We’re focusing on advancing fundamental science to develop breakthrough solutions that can make a difference on a global basis in emissions reduction. We’re doing that with our in-house scientists and with corporate partners, through relationships with 80 universities and now with the intellectual and computing capacity of the renowned national labs.”
ExxonMobil, which in addition to oil production also makes high-performance oils like Mobiltherm 605, spent $1.12 billion on research and development last year. Since 2000, it has spent over $9 billion on developing and implementing solutions to achieve lower emissions.
The new investment builds upon the company’s existing partnerships with 80 universities to seek out new ways to mitigate greenhouse gas emissions. These have yielded new methods for carbon capture and a variety of algae that has been genetically modified to produce oil for fuel in commercially feasible amounts. The company has previously announced its intention to be producing 10,000 barrels per day of jet fuel and diesel using its algae by 2025. While this may seem insignificant, ExxonMobil believes it may be able to quickly scale up subsequent production.