Microsoft partners with Occidental Petroleum to purchase carbon removal credits and achieve climate goals

From Nasdaq: 2024-07-11 05:26:00

Carbon dioxide emissions are a major concern due to their impact on climate change. Companies like 1PointFive Energy, a subsidiary of Occidental Petroleum, are working to reduce emissions to prevent global temperatures from rising above 1.5 degrees Celsius by 2050. Occidental recently signed a deal with Microsoft to sell carbon removal credits to support the tech giant’s climate goals.

Microsoft is committed to becoming carbon-negative by 2030 and has signed a substantial renewable energy power purchase agreement with Brookfield Renewable. This deal will help Microsoft achieve 100% of its power needs from zero-carbon energy. To further support its carbon removal strategy, Microsoft has also signed a landmark agreement with 1PointFive to purchase carbon dioxide removal credits over six years.

Occidental Petroleum sees carbon capture and storage (CCS) as a potentially lucrative opportunity. The company is investing in DAC technology and plans to develop multiple facilities to capture and store carbon dioxide. The acquisition of Carbon Engineering enhances Occidental’s ability to develop DAC projects and could create a $3 trillion to $5 trillion global market in the coming decades.

Investing in Occidental Petroleum could be a strategic move as the company works to address climate change through CCS technology. Partnering with Microsoft and other companies on carbon removal initiatives could drive long-term growth and increase value for investors. Consider the potential impact of this technology when making investment decisions.



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