Sabrina Valle of Reuters reports that Occidental will build a $1 billion facility to capture carbon.
- Occidental will build the world’s largest direct air capture facility in Texas’ Permian Basin starting in 2024.
- The company plans to capture up to 1 million tons of CO2 out of the air per year, which would be 100 times more carbon captured than the rest of the world’s current direct air capture facilities combined.
- The private sector is voluntarily investing in and leading the way to a cleaner energy future.
“This year’s investments in the low carbon business will total $275 million, and the company plans to develop over time three carbon sequestration hubs that will be online by 2025 and another 69 smaller DAC facilities by 2035, it told investors.”
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