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Page added on November 6, 2017

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Exxon Dedicates New Funding to Green Energy

Alternative Energy

When most people think of green energy supporters, fossil fuel companies rarely spring to mind. It is no secret that there is huge money in oil, and coupled with its complex role in international politics, few are surprised by the desire of energy companies to maintain the status quo. However, warnings regarding climate change and so-called “peak oil” have not fallen on deaf ears, and as a result at least one major oil and gas corporation is pursuing green energy projects.

Exxon Mobil, the largest of the world’s oil companies by a wide margin, revealed that it is dedicating at least $1 billion each year towards alternative energy projects. The massive pool of funding is shared among over a hundred different research and development projects, ranging from converting emissions into electricity to breeding synthetic algae that generate sustainable biofuels.

Vijay Swarup, the Vice President of Research and Development and Exxon, said that while there are a wide range of projects, the company is focusing on five to ten key areas in the world of eco-friendly technologies. Swarup said the company is focusing on scalable solutions that can be implemented on a global level, which is unsurprising given Exxon’s role as a major oil and gas supplier on the world’s six populated continents. The company isn’t alone in its efforts, either. Statoil ASA, Royal Dutch Shell Plc, and the France-based Total SA are running their own projects, but it is hard to imagine they will have the same potential for success as Exxon given the sheer quantity of resources they have access to.

Last year alone the company approached $200 billion in revenue, larger than Kuwait and Qatar’s economies combined. Beyond finances, Exxon has also forged several key partnerships to help fuel its projects in pursuit of green energy tech. The company has partnered with several smaller companies and 80 or so colleges and universities, tapping the academic community for scientific input. Vice President Swarup has stressed Exxon’s focus on scientific research in pursuit of its green energy goals, so participation with leading academics makes sense.

Exxon already has a number of interesting projects under way. In one partnership, they are working towards converting agricultural waste into biodiesel . In another, Exxon is working towards reducing carbon dioxide emissions in its process of refining crude oil into plastics, showing that the company isn’t just concerned with finding a replacement for oil, but also reducing emissions in the short term. Overall, Exxon’s large financial commitment and varied approach offers plenty of promise for the future of sustainable energy.


7 Comments on "Exxon Dedicates New Funding to Green Energy"

  1. Cloggie on Mon, 6th Nov 2017 11:34 am 

    US oil companies following the lead of European oil companies like Statoil ASA, Royal Dutch Shell Plc, and the France-based Total SA. The tide is turning. Oil is the past, renewable energy the future.

    but it is hard to imagine they will have the same potential for success as Exxon given the sheer quantity of resources they have access to.

    Last time I checked, the green ambitions of American oil companies are not backed by a US federal program, unlike their European colleagues/competitors are backed by a massive European program.

    Nevertheless it is true that $1B is massive. Shell invested that amount of money over the past 5 years or so. But expect this number to rapidly increase as Shell is under very heavy pressure at home to become a “green company” fast.

    Where Exxon is investing in research, very important in itself, Shell is participating in actually realizing 5 giant offshore windfarms in the North Sea of 3500 MW in total, that should be completed in 2023, and will catapult the Netherlands from the embarrassing bottom of the European barrel, as far as renewable energy is concerned, to the top 3 behind Germany and Britain. Even larger plans exist for the period after 2025 (15,000 MW offshore). Shell is already pushing for participation in those as well.

  2. Cloggie on Mon, 6th Nov 2017 11:46 am

    Absolute record North Sea offshore investment in Q1 + Q2 2017:

    14 billion euro.
    UK 75%

    Economic value North Sea 200-300 billion euro, says world energy council, through offshore wind and seaweed and algae plantations.

  3. dave thompson on Mon, 6th Nov 2017 2:05 pm 

    “Green” energy and Exxon in the same sentence, cool double speak.

  4. MASTERMIND on Mon, 6th Nov 2017 2:07 pm 

    The shale ponzi is dying so they need another gig to push to milk energy illiterate investors.

  5. Sissyfuss on Mon, 6th Nov 2017 8:39 pm 

    “Exon dedicates new funding to green washing.”

  6. Anonymouse1 on Tue, 7th Nov 2017 3:37 am 

    Fixed it Sissy…

  7. Shortend on Tue, 7th Nov 2017 7:06 am 

    Didn’t BP do the same decades ago? Beyond Petroleum… Yes, that was it…what happened?
    Oh, the Deep Water Horizon..

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