ALNPY ANA Holdings Inc (PK)

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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