1PointFive and Amazon Announce 10-year Carbon Removal Credit Purchase Agreement
Occidental Petroleum Corporation (OXY)
Last occidental petroleum corporation earnings: 2/27 04:13 pm
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Source: GlobeNewswire
HOUSTON, Sept. 12, 2023 (GLOBE NEWSWIRE) -- 1PointFive, a carbon capture, utilization and sequestration company, today announced that Amazon (NASDAQ: AMZN) has agreed to purchase 250,000 metric tons of carbon dioxide removal (CDR) credits over 10 years. The agreement furthers Direct Air Capture (DAC) as a viable carbon removal solution to help organizations further their climate goals. The CDR credits for Amazon will be enabled by STRATOS, 1PointFive’s first commercial-scale DAC plant, currently under construction in Texas. The plant is designed to capture up to 500,000 metric tons of CO2 annually when fully operational, making it the largest plant in the world, and a milestone in reaching climate relevant scale. According to the Intergovernmental Panel on Climate Change (IPCC), the world needs to remove roughly 1 trillion tons of CO2 from the atmosphere over the course of this century to keep global warming below the 1.5 degrees Celsius limit set by the Paris Climate Agreement.
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