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Scientists have said carbon removal is needed to keep climate goals alive. Otherwise, the enormous price tag for world-scale carbon removal would need to fall to governments if there is any chance of these projects surviving. A major concern is that DAC technology is both expensive and unproven at scale. More mature carbon capture and storage (CCS) technology, which traps emissions at a point source like a smokestack, also requires a rapid scale up to make a difference. Their money will be made instead by marketing carbon removal credits to corporations not involved in fossil fuels that wish to offset unavoidable emissions, or to governments seeking to stay on track with climate targets.

Persons: Climeworks, ”, Vikrum Aiyer, Sultan al, Jaber, Vicki Hollub, Mike Avery, Christoph Gebald, Richard Valdmanis, Marguerita Choy Organizations: Reuters, REUTERS, Occidental Petroleum, BlackRock, U.S ., Occidental, 28th United, OPEC, United Arab, International Energy Agency, IEA, Global CCS Institute, Stratos, DAC, Department of Energy, Thomson Locations: Tracy , California, Texas, In Louisiana, 28th United Nations, Dubai, United Arab Emirates, Louisiana, Iceland, California, U.S, UAE, Occidental

The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, November 15, 2022. Amazon will purchase the credits from the 1PointFive direct air capture (DAC) plant in Texas, which is being developed by oil company Occidental’s Oxy Low Carbon Ventures subsidiary and will use them to help meet its climate target of net zero carbon emissions by 2040. The company did not reveal any financial details of the deal, but developers of DAC technology have said removal credits currently cost in the mid-to-high-triple digits in dollars per metric ton. Microsoft last week signed a multi-year deal for the purchase of 315,000 metric tons with U.S. project developer Heirloom. Jamey Mulligan, head of carbon neutralization science and strategy at Amazon said an “all hands on deck approach” was needed to scale up the technology.

Persons: Pascal, Jamey Mulligan, ”, Mulligan, Susanna Twidale, Sharon Singleton Organizations: REUTERS, Carbon Ventures, DAC, Microsoft, U.S, Amazon, U.S . Department of Energy, Thomson Locations: Lauwin, France, Texas, Paris, Occidental

☆ Amazon follows Microsoft, investing big in carbon capture
▼ + stars: | 2023-09-12 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

After a recent infusion of government money into technology that sucks carbon out of the air, big business is getting in as well. Amazon announced Tuesday that it will help fund the world's largest deployment of direct air capture (DAC) technology by purchasing a quarter of a million metric tons of carbon removal over the next decade from STRATOS, the first DAC plant from 1PointFive, a carbon removal technology company. The carbon that is removed through the air capture systems will then be stored underground in saline aquifers, which are large rock formations saturated in salt water. "With these two new investments in direct air capture, we aim to target emissions we can't otherwise eliminate at their source," Kara Hurst, Amazon's VP of worldwide sustainability, said in a release. Amazon's announcement comes on the heels of Microsoft 's news that it has agreed to buy carbon credits from California-based startup Heirloom Carbon, which uses limestone to remove carbon from the atmosphere.

Persons: Kara Hurst, Amazon's, We're, Brian Marrs, Microsoft's, Hurst Organizations: Amazon, STRATOS, CarbonCapture, Microsoft, U.S . Department of Energy, Law Locations: 1PointFive, CarbonCapture Inc, California, Paris

☆ Top Buffett stock bulks ups its carbon capture business as demand grows for this technology
▼ + stars: | 2023-08-16 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Occidental, which is a top holding of Warren Buffett 's Berkshire Hathaway , is one of a handful of companies eyeing the capture, use and storage of carbon as a long-term business venture. The company expects to align the Canadian air capture company with the work of 1PointFive, the Occidental-owned business already working on the technology. Bilson said the acquisition should help speed up Occidental's timeline for releasing a global carbon removal offering. Wall Street firms are also watching a handful of other companies such as Baker Hughes , Weyerhaeuser and Bloom Energy as potential winners amid the growing focus on carbon technology. Interested in learning more about carbon capture and the major stocks in the space?

Persons: Warren Buffett, Berkshire Hathaway, Gordon Haskett, Don Bilson, Bilson, CCUS, Wood MacKenzie, Goldman Sachs, Baker Hughes Organizations: Occidental Petroleum, Carbon Engineering, Occidental, Wall, Weyerhaeuser, Bloom Energy, CNBC Pro Locations: America, Occidental

☆ Occidental and Climeworks big winners as Biden allocates billions for CO2 removal
▼ + stars: | 2023-08-11 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

The money from the Bipartisan Infrastructure Law will now help fund two DAC hub projects, one in Texas and one in Louisiana. They will eventually remove more carbon per year than all of the current projects combined. Climeworks, based in Zurich, Switzerland, currently has the world's largest DAC plant in Iceland, which removes about 4,000 tons of CO2 per year. The DAC Hubs program is a vital investment for DAC to reach climate impact at scale," said Andrew Fishbein, senior climate policy manager for Climeworks. Heirloom is a California-based startup that is using limestone to remove carbon from the air.

Persons: Jennifer Granholm, Vicki Hollub, Andrew Fishbein Organizations: U.S . Department of Energy, Law, of Energy, Occidental Petroleum, Biden, Department, DAC, Breakthrough Energy, Microsoft Locations: Texas, Louisiana, U.S, Corpus Christi, United States, The Louisiana, Zurich, Switzerland, Iceland, California, Paris

That includes a $35 million government procurement program for carbon removal credits, and funding for 14 feasibility studies and 5 engineering and design studies for earlier-stage hub projects. Worsening climate change and inadequate efforts to cut emissions have thrust carbon removal into the spotlight. Although most environmental activists acknowledge that carbon removal will be needed for global climate targets to be met, they are concerned companies could use carbon removal development to give fossil fuel companies cover to maintain production, especially in minority and low-income areas. Erin Burns, director of carbon removal advisory firm Carbon180, said the United States is positioning itself as a leader in this technology. "This is the first major federal investment from any country on carbon removal at this level," Burns said.

Persons: Worley, Jennifer Granholm, Vicki Hollub, Erin Burns, Carbon180, Burns, Valerie Volcovici, Gerry Doyle Organizations: Reuters, REUTERS, Occidental Petroleum Corp, WASHINGTON, U.S . Department of Energy, Department of Energy, DOE, Battelle, Climeworks Corporation, Carbon, Inc, South, South Texas DAC, Occidental 1PointFive, Carbon Engineering Ltd, DAC, Energy Department, United Arab, Occidental, Thomson Locations: Handout, Texas, Louisiana, Cypress, South Texas, Kleberg County , Texas, United Arab Emirates, United States

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