ExxonMobil has said that its low carbon businesses could make more money than its oil and gas ones in the future.

The US energy giant has set a target to generate billions of dollars from hydrogen, carbon capture and biofuels within the next decade.

Dan Ammann, President of Low Carbon Solutions has said that although ExxonMobil is still heavily reliant on oil and gas, the green business that he is in charge of will eventually be “larger than ExxonMobil’s base business today, as the world approaches net zero.”

Government incentives are key to the success of low carbon technologies, the company has stressed.

The firm hit a record share price earlier this year after high energy prices in 2022 – and it has come under criticism for its statement that it will continue to invest in fossil fuels.

Its investment of $17 billion (£13.6bn) in its low carbon business by 2027 is just 10% of what it’s looking to spend on oil and gas in the same time.

Mr Ammann added: “In order for the energy transition to be successful, it has to be made economically viable and that’s a big part of our job and building this business.”

ExxonMobil is currently building carbon capture and hydrogen projects in the US, which it hopes can be operational by 2025.