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☆ Removing CO2 from air: Inside the world's largest carbon removal plant
▼ + stars: | 2024-05-09 | by ( Diana Olick | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRemoving CO2 from air: Inside the world's largest carbon removal plantCNBC's Diana Olick joins 'Squawk Box' from Iceland with a look at the world's largest direct air capture (DAC) plant.

Persons: Diana Olick Locations: Iceland

☆ ‘World’s largest’ plant to suck carbon out of the air and turn it into stone opens in Iceland
▼ + stars: | 2024-05-08 | by ( Laura Paddison | ) edition.cnn.com time to read: +4 min

Direct air capture, or DAC, is a technology designed to suck in air and strip out the carbon using chemicals. Climeworks plans to transport the carbon underground where it will be naturally transformed into stone, locking up the carbon permanently. ClimeworksClimeworks' Mammoth plant will eventually be able to capture 36,000 tons of carbon from the air. It will increase the size of equipment to capture carbon pollution. It’s this kind of process that makes some critics concerned carbon removal technologies could be used to prolong production of fossil fuels.

Persons: ”, Lili Fuhr, Haukur, Climeworks Climeworks, Stuart Haszeldine, it’s, Jan Wurzbacher Organizations: CNN, Climeworks, Center for International Environmental Law, Mammoth, University of Edinburgh, International Energy Agency, Stratos, Occidental Locations: Iceland, Swiss, Texas, Occidental, Kenya, United States

☆ Jobs and geopolitical threats will keep climate tech in spotlight even if Biden is voted out, insiders say
▼ + stars: | 2024-02-08 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +6 min

Read previewPresident Biden has won quite a few fans in the climate tech sector during this time in office. Legislation, including the IRA, the Bipartisan Infrastructure Law, and the CHIPS and Science Act, has unlocked enormous amounts of capital that bolsters climate tech innovation and adoption. The Swiss company would have expanded Stateside eventually, but such policies helped it pick up pace, said Andrew Fishbein, Climeworks' senior policy manager in the US. For example, Regeneration VC doesn't factor subsidies into its investment decisions or portfolio companies' financial projections. Advertisement"Who knows, maybe 2024 is going to be a banner year for climate tech," he said.

Persons: —, Biden, Sierra Peterson, Anna, Alexia Basile, Katie Hoffman, Hoffman, Climeworks, Andrew Fishbein, We're, Kevin Stevens, Trump, VC's Hoffman, Energize Capital's Stevens, Ben Wolkon Organizations: Service, Business, Voyager Ventures, Infrastructure Law, Regeneration, Battery, Trump, Future, Department of Energy, Energize Capital, MUUS Climate Partners Locations: Paris, Nevada , Arizona, Louisiana, North Dakota, California, Swiss, Washington

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

From there, the carbon can either be moved directly to permanent underground storage or it can be used in another industrial purpose first, variations that are respectively called carbon capture and storage (CCS) and carbon capture, utilization, and storage (CCUS). Another form of carbon capture is direct air capture (DAC), in which carbon emissions are captured from the air. REUTERS/David Stanway/File Photo Acquire Licensing RightsOne stumbling block to rapid deployment of carbon capture technology is cost. Countries including the U.S. have rolled out public subsidies for carbon capture projects. The Inflation Reduction Act, passed in 2022, offers a $50 tax credit per metric ton of carbon captured for CCUS and $85 per metric ton captured for CCS, and $180 per metric ton captured through DAC.

Persons: David Stanway, Benjamin Longstreth, Petra Nova, Simone Stewart, Stewart, Leah Douglas, Marguerita Choy Organizations: 28th United, United, United Arab Emirates, CCS, Global CCS Institute, Drillers, International Energy Agency, REUTERS, U.S, CCUS, DAC, Task Force, U.S . Department of Energy, Navigator, U.S ., National Wildlife Federation, Thomson Locations: 28th United Nations, United Arab, U.S, Norway, Iceland, China, Canada, Qatar, Australia, Texas, Louisiana, Wuhu, Anhui province, North America, East Africa, U.S . Midwest

About a mile away from the start of the march, about 1,000 people lined the streets to watch the remembrance events at the Cenotaph war memorial. Among the crowd, some right-wing counter-protesters opposed to the pro-Palestinian march chanted messages including "We want out country back". DISRESPECTFULSunak has criticised the pro-Palestinian rally as disrespectful amid concerns it could spark violence. There has been strong support and sympathy for Israel from Western governments, including Britain's, and many citizens over the Hamas attacks. But the Israeli response has also prompted anger, with weekly protests in London demanding a ceasefire.

Persons: Hollie Adams, Laurence Taylor, Rishi Sunak, Sunak, Suella Braverman, Taylor, I've, Michael Holden, Hannah McKay, Sarah Young, Ed Osmond, Helen Popper Our Organizations: Hamas, REUTERS, Government, Cenotaph . Police, Charing, Palestine Solidarity Campaign, PSC, U.S, Embassy, Thomson Locations: Gaza, Israel, Palestinian, London, Britain, Palestine, Waterloo, Victoria, Downing, Western

☆ Huge crowds expected for London pro-Palestinian rally, police gear for trouble
▼ + stars: | 2023-11-11 | by ( Michael Holden | ) www.reuters.com time to read: +4 min

Demonstrators protest in solidarity with Palestinians in Gaza, amid the ongoing conflict between Israel and the Palestinian Islamist group Hamas, in London, Britain, October 21, 2023. "I do believe if the groups come together, there will be serious disorder," said Deputy Assistant Commissioner Laurence Taylor, the officer in charge. "The policing operation this weekend is huge," he told reporters, saying it would be "challenging and tense". There has been strong support and sympathy for Israel from Western governments, including Britain's, and many citizens over the Hamas attacks. But the Israeli response has also prompted anger, with weekly protests in London demanding a ceasefire.

Persons: Hannah McKay, Rishi Sunak, Laurence Taylor, Ben Jamal, Suella Braverman, Sunak, Stephen Yaxley, Lennon, Tommy Robinson, Taylor, I've, Michael Holden, Ed Osmond Organizations: Hamas, REUTERS, Police, Palestine Solidarity, U.S, Reuters, PSC, English Defence League, Thomson Locations: Gaza, Israel, Palestinian, London, Britain, Palestine, Western, Sunak's

☆ Huge Crowds Expected for London Pro-Palestinian Rally, Police Gear for Trouble
▼ + stars: | 2023-11-10 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +4 min

"I do believe if the groups come together, there will be serious disorder," said Deputy Assistant Commissioner Laurence Taylor, the officer in charge. "The policing operation this weekend is huge," he told reporters, saying it would be "challenging and tense". There has been strong support and sympathy for Israel from Western governments, including Britain's, and many citizens over the Hamas attacks. But the Israeli response has also prompted anger, with weekly protests in London demanding a ceasefire. Lawmakers have voiced concern that far-right groups will seek to use the occasion as an excuse for violence.

Persons: Michael Holden LONDON, Rishi Sunak, Laurence Taylor, Ben Jamal, Suella Braverman, Sunak, Stephen Yaxley, Lennon, Tommy Robinson, Taylor, I've, Michael Holden, Ed Osmond Organizations: Police, Palestine Solidarity, U.S, Reuters, PSC, Hamas, English Defence League Locations: London, Palestine, Israel, Western, Sunak's, Britain

☆ Climate tech company Heirloom opens US commercial carbon capture plant
▼ + stars: | 2023-11-09 | by ( Peter Henderson | ) www.reuters.com time to read: +2 min

A piece of equipment called a distributor used to hold trays of limestone for capturing carbon is seen at the Heirloom Carbon Technologies facility in Brisbane, California, U.S. February 1, 2023. Direct Air Capture such as that used by Heirloom can secure the CO2, but it is not yet clear whether it can do so at a price that makes the technology practical. The new facility, which uses crushed limestone to capture 1,000 tonnes a year, is part of a ramp up that Heirloom says will cut costs. Current industry prices for carbon removal by direct air capture are around $600-$1,000 a tonne, one person familiar with the situation said. The Department of Energy is spending billions in grants to built Direct Air Capture demonstration hubs.

Persons: Nathan Frandino, Energy Jennifer Granholm, Peter Henderson, Marguerita Choy Organizations: REUTERS, U.S, Energy, Department of Energy, Occidental Petroleum, BlackRock Inc, Thomson Locations: Brisbane , California, U.S, California, San Francisco Bay, Tracy , California, Occidental's West Texas

☆ From Bill Gates to the pope, talk of carbon capture and its efficacy is dividing society
▼ + stars: | 2023-10-25 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +5 min

In this article BP.-GBMSFTBKR Follow your favorite stocks CREATE FREE ACCOUNTThis image from 2016 shows a carbon capture project in Texas. Other processes in the sector include direct air capture, with firms like Climeworks operating in the space. Climeworks, which specializes in direct air capture and storage, has offices in Switzerland and Germany. Its clients include businesses such as Stripe and Microsoft , and the Microsoft Climate Innovation Fund has invested in the company. While carbon capture has its advocates, the technology is divisive and has been questioned by a range of organizations.

Persons: Baker Hughes, Lorenzo Simonelli, Simonelli, Bill Gates, Gates, Bob Dudley, there'll, We've, Dudley, — that's Organizations: Houston Chronicle, hearst Newspapers, Getty, Hearst Newspapers, CNBC, ADIPEC, U.S . Department of Energy, Microsoft, Innovation Fund, BBC, Breakthrough Energy, International Energy Agency, Greenpeace Locations: Texas, Abu Dhabi, United States, Europe, Switzerland, Germany, Kenya, Paris

France, where Ryanair serves cities such as Marseille and Bordeaux, has floated proposals for a minimum ticket price in an effort to reduce pollution from aviation. The French price proposal, which EU officials said has drawn some support from the Netherlands and Belgium, got short shrift from senior Ryanair executive Eddie Wilson. Having established a strong position in large parts of Western Europe, Ryanair is now looking east to countries such as Poland for further growth. Europe's main airlines lobby group expressed relief and called on more European coordination to support the sector. Lufthansa CEO Carsten Spohr has said a stronger ITA will reinvigorate competition in the Italian market but Ryanair's Wilson is unperturbed, describing ITA as a sideshow.

Persons: Eddie Wilson, Wilson, Andrea Giuricin, Giorgia, Giuseppe Cocuzza, Ourania Georgoutsakou, Carsten Spohr, Ryanair's Wilson, Rome Fiumicino, Sacbo, Angelo Amante, Keith Weir, Joanna Plucinska, Emelia Sithole Organizations: Ryanair, Europe's, European Union, Ryanair DAC, Alitalia, TRA Consulting, European Commission, Airlines for, ITA, Lufthansa, Cortina d'Ampezzo, Thomson Locations: Italy, ROME, France, Marseille, Bordeaux, Sicily, Sardinia, Netherlands, Belgium, Europe, Western Europe, Poland, Rome, Catania, Airlines for Europe, Bergamo, Milan, Malpensa, Brescia, London

☆ Saudi oil giant Aramco announces pilot project to suck CO2 out of the air, but some scientists are skeptical
▼ + stars: | 2023-10-09 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

Saudi oil giant Aramco on Monday announced a partnership with Siemens Energy AG to develop a small-scale direct air-capture "test unit" in an attempt to manage emissions. The test unit will be built in Dhahran, Saudi Arabia and finished in 2024, according to a statement from Aramco on Monday. The DAC collaboration between Aramco and Siemens Energy is still in early phases. Given DAC's adolescence, both oil companies are invested in other clean energy technology projects. The spokesperson for Siemens Energy said that the company has invested in hydrogen, wind, nuclear fusion and others.

Persons: Jonathan Foley, Foley, Cara Horowitz Organizations: Saudi Aramco, Monday, Siemens Energy AG, Aramco, International Energy Agency, Amazon, Frontier, UCLA's, DAC, Siemens Energy, CNBC Locations: Saudi, Aramco, Dhahran, Saudi Arabia

☆ Facing fares row, Ryanair hit by new antitrust probe in Italy
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

Ryanair said on Wednesday that internal Italian flights to Sicily would be cut by 10% in its latest winter schedule, blaming the government's planned price cap. Eddie Wilson, the chief executive of Ryanair DAC, the biggest airline in the Ryanair group, said the airline opposed the measure despite the modification. During a visit to Sicily, Wilson contrasted Ryanair's expansion of foreign flights to and from the island with the reduction on domestic routes. "Italian domestic growth has sadly been negatively impacted by the Italian government's unlawful price cap decree to restrict airlines’ freedom to set low air fares," Wilson said in a statement. Ryanair has already reduced its domestic schedule for flights to Sardinia over the winter.

Persons: International Eleftherios Venizelos, Alkis, Eddie Wilson, Wilson, Alvise Armellini, Keith Weir, Cristina Carlevaro, Jason Neely, Barbara Lewis Organizations: Ryanair, Company, Europe's, International Eleftherios, REUTERS, Ryanair DAC, Thomson Locations: Italy, Sicily, ROME, Athens, Greece, Sardinia

☆ Exxon working on direct air capture of CO2, stays out of EV charging stations
▼ + stars: | 2023-09-19 | by ( Nia Williams | ) www.reuters.com time to read: +3 min

Direct air capture involves extracting carbon directly from the atmosphere. The technology could be developed on the back of Exxon's carbon capture and storage (CCS) business which will also involve trapping emissions underground, Crocker said. Exxon last year extended a joint research agreement with DAC developer Global Thermostat, intended to accelerate development of the technology for full-scale deployment. DAC "would link very closely to our CCS business where we are going to have large geologic storage and the capability to capture CO2," Crocker said. Limiting its own emissions and CCS take up the majority of the $17 billion allocated for Exxon's Low Carbon business through 2022-2027.

Persons: Sergio Moraes, Matthew Crocker, Crocker, Sabrina Valle, David Gregorio Our Organizations: Exxon Mobil Corp, Oil, Gas Expo, REUTERS, Rights, Exxon, United Nations, Global, Occidental, CCS, Exxon's, Deloitte, Thomson Locations: Rio de Janeiro, Brazil, Rights CALGARY , Alberta, Houston

☆ 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

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

The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. The DAC technology is in early stages of commercialization and will require multibillion-dollar investments to prove it can work economically and generate profits. President Joe Biden's administration views DAC technology as a tool to help meet a goal of neutralizing emissions by 2050, if it can be commercialized and applied at industrial scale. While carbon capture is applied to emissions produced at industrial facilities, DAC actively removes CO2 from the air. Some of that money will fund Occidental's 30 proposed DAC plants in Kleberg Country, Texas.

Persons: Brendan McDermid, " Roth, Joe Biden's, Vicki Hollub, Sourasis Bose, Shilpi Majumdar, David Gregorio Our Organizations: Occidental Petroleum, New York Stock Exchange, REUTERS, Carbon Engineering Ltd, Occidental, Low Carbon Ventures, U.S . Department of Energy, Congress, Carbon Engineering, Thomson Locations: New York, U.S, Texas, Louisiana, Country , Texas, Occidental, Bengaluru

☆ 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

☆ The US government will hand out up to $1.2 billion for companies to suck greenhouse gases out of the air
▼ + stars: | 2023-08-11 | by ( Grace Eliza Goodwin | Marianne Guenot | ) www.businessinsider.com time to read: +3 min

Once built, facilities in Texas and Louisiana will suck carbon dioxide pollution from the air. Removing greenhouse gases from the atmosphere is crucial to reversing the effects of climate change. Sign up for our newsletter to get the latest on the culture & business of sustainability — delivered weekly to your inbox. How direct air capture differs from carbon capture technologyUnlike carbon capture technology, which captures carbon as its being produced by a facility before it reaches the atmosphere, direct air capture acts like a giant air purifier, separating carbon that is already in the air and pumping it underground or into rocks for permanent storage. The Texas site believes it could store up to 3 billion metric tons of CO 2 in saline formations under the hub.

Persons: Biden, Energy Jennifer Granholm, Granholm, Harris, Joe Biden Organizations: Service, Biden Administration, US Department of Energy, DOE, Energy, South, South Texas DAC, Infrastructure Law, DAC, Clean, Biden Locations: Texas, Louisiana, Cypress, Calcasieu Parish , Louisiana, South Texas, Kleberg County , Texas

☆ Reddit throughout the years: Its rise to prominence, recent revolts and IPO plans
▼ + stars: | 2023-07-30 | by ( Katie Brigham | ) www.cnbc.com time to read: +6 min

The price hikes have led some beloved third-party Reddit apps such as Apollo to shut down, instigating an uproar among the website's community of volunteer moderators, who often rely on third-party apps to run the site's 100,000+ discussion communities, called subreddits. But tensions remain high, and some say that if Reddit doesn't rebuild trust, its most passionate users will go elsewhere. Ohanian rejoined Reddit as executive chairman in 2014 and Huffman rejoined as CEO the next year. But it's not just tech giants who use Reddit's API. These third-party apps are largely just alternatives to Reddit's official mobile app, which didn't even exist until 2016.

Persons: Reddit, David DeWald, Alexis Ohanian, Steve Huffman, Paul Graham, Ohanian, Huffman, Y Combinator, Condé Nast, Debra Aho Williamson, George Floyd's, it's, Apollo, Jakub Porzycki Organizations: University of Virginia, Advance, Facebook, Insider Intelligence, GameStop, AMC, Google, Getty

☆ Minecraft developers quit Reddit after company's controversial changes
▼ + stars: | 2023-06-29 | by ( Hayden Field | ) www.cnbc.com time to read: +3 min

In the latest blow to Reddit after its controversial billing changes, the makers of Minecraft — one of the best-selling video games of all time — have quit the platform. "Reddit management introduced changes recently that have led to rule and moderation changes across many subreddits," a tech lead at Mojang Studios, the Microsoft-owned company behind Minecraft, posted on the r/Minecraft Reddit community Tuesday. "Because of these changes, we no longer feel that Reddit is an appropriate place to post official content or refer our players to." An update to the post clarified that it is not an official policy for all of Mojang Studios, Xbox or Microsoft. The protests included the wildly popular r/Funny, with more than 40 million members, along with r/Music and r/Science, each boasting more than 30 million users.

Persons: Minecraft, —, Reddit Organizations: Mojang Studios, Microsoft, Java, Xbox, Reddit, Guinness World Records, CNBC

Budrul Chukrut | Lightrocket | Getty ImagesAt midnight on Tuesday, the moderators of the Reddit community r/Gaming decided to go dark. "We're talking hundreds of thousands of volunteers putting in hours a day to keep the site safe, entertaining and enjoyable for community members. As a private company, Reddit doesn't have to disclose its financials or provide revenue and profit projections. "You have a lot of people, both professionals and general community members, who are running the numbers on this," Croach said. Jacqueline Sheeran, known as "MCHammerCurls," is the head moderator of r/Fitness, which has more than 10 million members.

Persons: Budrul, Dacvak, Slack, weren't, Croach, Reddit, Christian Selig, Selig, Steve Huffman, Huffman, Horacio Villalobos, subreddits, they're, –, David DeWald, subreddit, Shane McCarthy, McCarthy, Meepster23, ModCoord, Omar, Jacqueline Sheeran, Sarah Gilbert, Gilbert, Huffman's, RamsesThePigeon, that's, there's Organizations: Lightrocket, Reddit, CNBC, Facebook, Twitter, YouTube, Google, Amazon, Yahoo, Microsoft, Corbis, NBC, Wall, NBC News, Cornell University, school's Citizens, Technology Locations: U.S, Lisbon, Portugal

☆ Occidental to favor buybacks over funding direct air capture plants
▼ + stars: | 2023-05-10 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

HOUSTON, May 10 (Reuters) - Occidental Petroleum Corp (OXY.N) on Wednesday said it will distribute any excess cash from high oil prices to shareholders instead of funding direct air capture (DAC) plants. It is building its first large scale DAC plant in Texas. It is, however, lacking external funding to fulfill its plan to build more than 100 DAC units, starting with the second plant. Occidental on Tuesday reported adjusted income of $1.1 billion, missing analysts estimates amid a 20% decline in oil prices from a year ago. Results were primarily impacted by the timing of crude oil sales in the quarter, the company said.

[1/4] A view of a computer-rendered image of Climeworks' Mammoth direct air capture plant is seen in this undated handout picture obtained by Reuters, June 28, 2022. Leading the charge, the U.S. government has offered $3.5 billion in grants to build the factories that will capture and permanently store the gas - the largest such effort globally to help halt climate change through Direct Air Capture (DAC) and expanded a tax credit to $180/tonne to bolster the burgeoning technology. The sums involved dwarf funding available in other regions, such as Britain which has pledged up to 100 million pounds ($124 million) for DAC research and development. That compares with $12 billion in federal spending to drive demand for personal and commercial electric vehicles, Boston Consulting Group estimated. Occidental Petroleum has said it is well positioned for federal grants for what could be the biggest Direct Air Capture plants in the world.

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