"Expanded use of carbon capture and storage can further improve the emission reductions associated with hydrogen and biofuels." Eleven companies, including ExxonMobil, have expressed interest in supporting a large-scale carbon capture and storage hub in the Houston industrial area Woods said that he believed that by 2040, it could be possible to annually capture about 100 million metric tons of CO2 from refineries, chemical plants and power generation facilities in the area "Biofuels will also play an important role in a lower-carbon future, especially in reducing greenhouse gas emissions from commercial transportation," Woods explained. "Our Canadian affiliate, Imperial Oil, is progressing plans to produce renewable diesel at its Strathcona refinery in Edmonton using a proprietary catalyst technology that enables advantaged production. Renewable diesel is a drop-in fuel for use in today's engines that generates 70% fewer carbon emissions than conventional diesel.