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Exxon Is Spending $1 Billion Per Year On Green Energy

By Tessa Love

Exxon's environmental history isn't exactly a green one. The massive oil company may have single-handedly "set back all of humanity," according to The Hill, and is known for having denied climate change for decades. It's been in multi-billion-dollar lawsuits over environmental damage, and has allegedly attempted to suppress shareholder views on the threat of climate and the company's involvement in exacerbating it. 

It may come as a surprise, then, to learn that the company has been spending big on environmentally friendly technology. Every year, Exxon pours $1 billion into hundreds of green energy projects in 10 key areas, including algae biofuels, biodiesel made from agricultural waste, and more efficient ways of refining crude oil. That's right: Exxon is not only investing big money into green energy, but they're also a great example of how companies can transition into renewable spaces and make better choices for the environment, no matter their industry.

While the company has made some of its projects public in the past, it is only now revealing how widespread the initiatives have been. Since 2008, Exxon has spent $8 billion researching, developing and deploying low-carbon technologies, and is now committed to spending $1 billion annually.