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Occidental Makes a Billion-Dollar Climate Moonshot—So It Can Keep Pumping Oil

Benoît Morenne of The Wall Street Journal reports on Occidental’s efforts to accelerate direct air capture.

The C3 Take
  • Petroleum giant Occidental is investing millions of dollars in direct air capture (DAC) technology.
  • The company is currently building its first DAC plant in the Permian Basin which will be able to pull up to 500,000 tons of CO2 each year from the atmosphere when it starts operations in 2024.
  • Occidental is planning to build 135 of these plants by 2035, which would be more than seven times the amount of CO2 capturing facilities in operation today around the world.
  • Accelerating DAC is crucial to meeting future energy demand and environmental objectives.

“Occidental executives said it would power the Permian plant with solar energy and additional renewable power from the grid, and it has also looked into potentially powering its plants with mini-nuclear reactors, according to people familiar with the matter. The company also said it is exploring using energy from natural-gas powered plants that capture their own CO2, an early-stages technology in which it has invested.”

Read the full article here.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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