Exxon, however, has staked billions on the energy transition, especially in the carbon capture segment. Last year, the company paid $5 billion for Denbury Resources, a carbon dioxide pipeline network operator. Besides that acquisition, Exxon has also recently signed three more deals for carbon capture and storage, one with CF Industries, one with industrial gas makers Linde, and one with steelmaker Nucor. Earlier this year Exxon also said it had teamed up with Shell to develop carbon capture and storage solutions for Singapore.

Carbon capture and storage is the obvious choice for many oil producers who want to reduce their carbon footprint—or help others reduce theirs. Investment, however, needs to expand considerably under net-zero scenarios.

With a view to all these investments already made, it really would be uncertainty-inducing if Trump lifts the Paris Agreement obligation for companies to reduce their emissions. However, it does not mean he would ban them from reducing their emissions in any way they see fit, including through carbon capture.

By Irina Slav for Oilprice.com

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