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ExxonMobil Plans $100 Million Investment in Stanford University's Global Climate and Energy Project

Submitted by: ExxonMobil

Categories: Environment

Posted: Nov 19, 2002 – 11:00 PM EST


Nov. 19 /CSRwire/ - IRVING, Texas - Exxon Mobil Corporation (NYSE:XOM) today announced its plans to invest $100 million in a groundbreaking Stanford University project dedicated to researching new options for commercially viable, technological systems for energy supply and use which have the capability to substantially reduce greenhouse emissions.

The Global Climate and Energy Project (G-CEP) will be led by Stanford University and involve world-renowned academic research institutions and global companies, including ExxonMobil, General
Electric and Schlumberger. E.ON, Europe's largest privately owned energy service provider, has also signaled its intention to join the project along with anticipated other academic and corporate sponsors from around the globe.

"We are convinced the Global Climate and Energy Project will make significant academic and private sector contributions to the development of practical technologies to address the potential
long-term risk of climate change," said ExxonMobil Chairman and CEO Lee Raymond.

"ExxonMobil is proud to work with a University of the reputation, experience and ability of Stanford, and to be among the select group of sponsors coming together to make this project happen."

The announcement of the project comes as some scientists have begun calling for a research effort as ambitious as the Apollo project to address both energy needs and emission reductions.

"We believe that G-CEP will play a cutting-edge role in pushing the frontiers of technology into new generations of energy systems. For ExxonMobil,G-CEP represents a powerful vehicle by which energy science will move forward to find economically attractive technologies that will be successful in the global market and vital to meeting energy needs in the industrialized and developing world," said Raymond.

The complex nature of the issues being addressed under G-CEP requires a long-term commitment to energy research and development, an area in which ExxonMobil has proven experience. ExxonMobil's involvement in the project continues the company's long history of advancing technological innovations and supporting scientific climate

Raymond concluded, "Our investment in G-CEP is a
demonstration of our long-held belief that successful development and global deployment of innovative, commercially viable technology is the only path that can address long-term climate change risks while preserving and promoting prosperity of the world's economies."

Additional information about ExxonMobil can be found at www.exxonmobil.com.

Additional information about the Global Climate and Energy Project can be found at http://gcep.stanford.edu.

For more information, please contact:

Media Relations ExxonMobil
Phone: 972/444-1107


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