Occidental, All Nippon Airways Set Carbon-Dioxide-Removal Pact
August 01 2023 - 9:27AM
Dow Jones News
By Colin Kellaher
Japan's All Nippon Airways has inked a deal to buy
carbon-dioxide-removal credits from a unit of Occidental Petroleum
as part of the carrier's efforts to achieve carbon neutrality by
2050.
All Nippon, a unit of ANA Holdings, and Houston-based petroleum
giant Occidental on Tuesday said the airline agreed to buy 10,000
metric tons of credits a year for three years beginning in 2025
from 1PointFive, the Occidental unit that is building a
direct-air-capture plant in Texas that is slated to commercially
operational in mid-2025.
Occidental is investing $1 billion in 1PointFive's Stratos
plant, which will use a complex of large fans to suck massive
amounts of carbon dioxide out of the air and funnel it thousands of
feet down deep wells into geological formations, where it should
remain for centuries.
The plant is expected to capture up to 500,000 metric tons of
CO2 a year, and 1PointFive has said it could deploy more than 100
direct-air-capture facilities worldwide by 2035 under current
compliance and market scenarios.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
August 01, 2023 10:12 ET (14:12 GMT)
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