Spencer Platt/Getty Photographs Information Exxon Mobil (NYSE:XOM) is not going to transfer ahead with one of many world’s largest low-carbon hydrogen initiatives if the Biden administration withholds tax incentives for pure gas-fed services, CEO Darren Woods informed Bloomberg on the CERAWeek by S&P International convention on Monday. Underneath present pointers, incentives are earmarked for initiatives that produce “inexperienced” hydrogen through the use of water and renewable vitality, however Exxon (XOM) believes it could produce “blue” hydrogen from gasoline by trapping carbon emissions; in consequence, Woods stated the corporate’s proposed Houston-area facility ought to qualify for tax credit underneath the Inflation Discount Act. Giving choice to inexperienced hydrogen over blue hydrogen would quantity to a authorities try to favor sure applied sciences fairly than merely specializing in reducing general emissions, Woods stated within the interview. Exxon (XOM) has stated its deliberate Baytown, Texas, undertaking may produce 1B cf/day of hydrogen and seize 98% of related carbon, serving to cut back emissions at its adjoining oil refinery by as a lot as one third. “We’re investing billions of {dollars} to cut back the carbon depth of our pure gasoline,” Woods informed Bloomberg, including that failure of the Inflation Discount Act to provide corporations credit score would “principally immediately cease investments to cut back carbon depth by the trade as a complete.” To set the world in movement to realize web zero by 2050, a broad recognition is required of the associated fee and timeline of shifting from a fossil-fuel based mostly vitality system to a low-carbon system, the CEO stated. “The narrative and a number of the activists on this area have made it a one-dimensional subject which is simply eliminate oil and gasoline, fossil fuels and coal,” Woods stated. “You may’t hand over the advantages that shortly. Society cannot tolerate that, the hardships that include the shortage of these advantages.” Woods additionally stated at CERAWeek that Exxon (XOM) is just not thinking about shopping for Hess, however the firm desires the fitting to ascertain the worth of the corporate’s Guyana stake, then contemplate the potential for shopping for the stake whether it is profitable in arbitration.