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ExxonMobil to invest $100 million in global energy project
Petroleum News Alaska Staff
Exxon Mobil Corp. said Nov. 20 that it plans to invest $100 million in a Stanford University project researching new options for commercially viable, technological systems for energy supply and use which can substantially reduce greenhouse emissions.
ExxonMobil said the Global Climate and Energy Project, G-CEP, will be led by Stanford University and involve world-renowned academic research institutions and global companies, including ExxonMobil, General Electric and Schlumberger. E.ON, Europe’s largest privately owned energy service provider, has also signaled its intention to join the project. ExxonMobil said other academic and corporate sponsors are expected to join.
“We are convinced the Global Climate and Energy Project will make significant academic and private sector contributions to the development of practical technologies to address the potential long-term risk of climate change,” said ExxonMobil Chairman and CEO Lee Raymond.
Project as ambitious as Apollo The announcement of the project comes as some scientists have begun calling for a research effort as ambitious as the Apollo project to address both energy needs and emission reductions, ExxonMobil said.
“We believe that G-CEP will play a cutting-edge role in pushing the frontiers of technology into new generations of energy systems. For ExxonMobil, G-CEP represents a powerful vehicle by which energy science will move forward to find economically attractive technologies that will be successful in the global market and vital to meeting energy needs in the industrialized and developing world,” said Raymond.
ExxonMobil said the complex nature of the issues being addressed under G-CEP requires a long-term commitment to energy research and development, an area in which it has proven experience.
Additional information about the Global Climate and Energy Project can be found at http://gcep.stanford.edu.
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