While Exxon Mobil shareholders were busy rejecting a number of environmental initiatives last year, CEO Rex Tillerson, said that even in 30 years, most energy needs will still need to be met by fossil fuels.

In somewhat of a reversal, the oil giant has revealed a new algal biofuel effort, marked by a $600 million investment and partnership with Synthetic Genomics.

According to the company's website, Synthetic Genomics is working to engineer solutions for global changes.

The broader green changes sought by Exxon shareholders who are members of the Rockefeller family have not taken root, but the biofuel partnership with a company founded by one of the leading scientists of the century (Craig Venter) could indicate that a small shift in Exxon's philosophy is brewing. Exxon will be working with the genomics company to develop efficient algae to be refined into liquid transportation fuel.

The oil company's initial investment (that can be expanded) will be split between in-house studies and research by Synthetic Genomics. Exxon is covering its environmental bases in a time of evolving regulations, but large scale commercial algae plants still lie far in the future, from five to ten years according to the vice-president of research and development, Dr. Emil Jacobs.

Synthetic Genomics could provide the efficient algae required for a cost-competitive biofuel through the multi-year research and development agreement. Venter's company has been working in previous years to develop more efficient oil harvesting methods, having already produced lipids in a continuous process.

With algae's potential as a viable low carbon fuel source, even Exxon is showing some interest in cleaner alternatives.