New proposal in need of support

Seeking backing: The Houston Ship Channel and adjacent refineries, part of the Port of Houston, are seen in Houston, Texas. — Reuters

HOUSTON: Exxon Mobil on Monday floated a proposal for a public-private carbon storage project that would collect planet-warming carbon dioxide emissions from US petrochemical plants and bury them in deep under the Gulf of Mexico.

The plan would require “US$100bil (RM410bil) or more” from companies and government agencies to store 50 million metric tons of CO2 by 2030, with capacity potentially doubling by 2040, Joe Blommaert, president of Exxon’s Low Carbon Solutions business, said in an interview.