Saudi Aramco CEO Amin Nasser told attendees at CERAWeek by S&P Global, a global energy conference, that global leaders should"abandon the fantasy of phasing out oil and gas."that things like wind and solar power and the rise of EVs are a"necessary but not sufficient set of solutions" to the energy transition. Instead, Woods proposes a"broader" set of solutions is needed, including things like carbon capture and storage, hydrogen, and biofuels.
One that involves skill sets that frankly companies like ExxonMobil and our industry can bring to bear. And so that with the Biden administration and the IRA starting to open the aperture on other opportunities to reduce emissions above and beyond what wind and solar can do. So carbon capture and storage are really important part. Hydrogen, low-carbon hydrogen is an important part of that. Biofuels is an important part of decarbonizing the world and society.
And so it, basically, is technology agnostic. It says, what you should focus on is achieving an outcome, which is lower carbon intensity for a product. That makes us a fan, because that says, it opens up the opportunity for other businesses and industries to participate to try to meet that. And I believe that while there are some circumstances where you need to get rid of the products, and you can't continue to combust, there'll be other circumstances where you just deal with the emissions. And so carbon capture and storage allows you to continue to use existing energy systems, but capture the emissions associated with the combustion in those energy systems. That will be a very important part of the solution.
Carbon capture and storage is a brand new industry. And one of the big challenges we've had in that space is you're creating a brand new value chain with a technology that historically is used for another purpose, that's moving along. But it is going to take time. The contract that we signed with those partners give us a right that if any one partner chooses to leave the venture, there's a change in control, s that s existing partners have the right to preempt and have an option to participate in that change.
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