Energy
0

Exxon Spending $1b/y on Green Energy

Exxon Spending $1b/y on  Green EnergyExxon Spending $1b/y on  Green Energy

One of the world’s biggest oil companies is pumping more than $1 billion a year into alternative forms of energy from algae engineered to bloom into biofuels and cells that turn emissions into electricity. The funds from Exxon Mobil Corp. are for more than a hundred of research projects on environmentally-friendly technologies in five to 10 key areas, according to Vice President of Research and Development Vijay Swarup, Bloomberg reported. While any commercial breakthrough is at least a decade away, Exxon’s support for clean energy suggests the world’s most valuable publicly-traded oil company is looking toward the possibility of a future where fossil fuels are less dominant. “These areas are massively challenging and if we can solve those, they will have huge impacts on our business,” said Swarup in a phone interview. “We bring more than money. We bring the science, the commitment to research.”

 

Add new comment

Read our comment policy before posting your viewpoints

Financialtribune.com