ExxonMobil to Spend $100 Million on “Green” Tech by 2030

ExxonMobil Corp. plans to invest a miniscule $100 million over the next 10 years to research and develop low-emissions technologies with the U.S. Dept. of Energy.

The U.S.-based oil giant will work with DOE’s National Renewable Energy and National Energy Technology laboratories on projects aimed at improving energy efficiency and curbing greenhouse gas emissions. This includes tailpipe emissions from fuels and those generated from the production of petrochemicals.

Initial projects will include the development and commercialization of biofuels. The partners also aim to scale up carbon capture and storage technologies across the power generation, transportation and manufacturing sectors.

ExxonMobil says it has spent more than $9 billion since 2000 developing and deploying low-emissions energy technologies.