ExxonMobil has committed to invest up to $100 million (£77m) into research and development of advanced lower emissions technologies over the next 10 years.
It has joined forces with the US Department of Energy’s National Renewable Energy Laboratory and National Energy Technology Laboratory to support projects that can bring biofuels and carbon capture and storage (CCS) to commercial scale across the transportation, power generation and industrial sectors.
The partnership will work to develop technologies related to energy efficiency and greenhouse gas reductions.
Vijay Swarup, Vice President of Research and Development and at ExxonMobil Research and Engineering Company said: “Finding meaningful solutions to address climate change is going to take everyone – governments, companies and academia – working together.
“This agreement will help us advance fundamental science and demonstrate scale. This is critical because it will give us a better understanding of how to progress technologies so they can be applied globally.”