Carbon dioxide emissions are a big problem for the environment. Oil and gas combustion is a key source of this climate-changing gas. Because of that, many energy companies are looking for ways to be part of the solution instead of only contributing to the problem.

That's leading big oil giants (NYSE: CVX) and ExxonMobil (NYSE: XOM) to explore the potential of carbon capture and storage (CCS). They believe CCS will not only be a major part of the solution (according to the International Energy Agency, it's nearly impossible for the world to reach net zero without it) but also a very lucrative business opportunity. Exxon believes CCS could grow into a $4 trillion global market by 2050.

Chevron has been working to build out its CCS capabilities. The oil giant recently won an assessment permit in offshore Western Australia to evaluate the potential of building a hub to store carbon dioxide emissions from third parties and its operated liquefied natural gas (LNG) assets in the region. The permit involves a joint venture between Chevron (70% interest) and Woodside Energy (30%).

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Source Fool.com