ExxonMobil Cans Algae (greenwash failure)
By Robert Bradley Jr. -- March 6, 2023
“After advertising its efforts to produce environmentally friendly fuels from algae for over a decade, Exxon Mobil Corp. is now quietly walking away from its most heavily publicized climate solution.” (below)
Biofuel is out, leaving carbon capture and storage (CCS) as the leave-us-alone, we-are-doing-our-part “greenwashing” strategy at ExxonMobil (see tomorrow’s post). The end of algae as a substitute for crude oil comes after $350 million and 14 years of commitment. This expenditure was joined by a “green” advertising campaign around the project of at least $60 million, mostly spent between 2017 and 2019.
It was predictable. Shell, BP, and Chevron had previously thrown in the biofuels towel. And it is reminiscent of Exxon’s failed ventures in the 1970s: Office equipment. Real estate. Synthetic fuels. Shale oil. Electric motors. Solar panels. Uranium. Copper.
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Here is the latest as reported by Ben Eligin and Kevin Crowley. “Exxon Retreats From Major Climate Effort to Make Biofuels From Algae” (Reuters: February 10, 2023) is subtitled “Renewable fuels made from algae was the company’s most heavily publicized climate solution.” The three shutdowns are reported in the article:
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