Occidental’s next big venture in Texas is selling carbon credits.
But it could be much easier to measure exactly how much CO2 a DAC plant captures than to estimate how much additional CO2 a reforested area draws down, for example. Cullenward also sees oil and gas companies proving useful in managing and storing captured CO2 because of their experience working with underground wells.
“If they’re able to do that in a carbon-free way, I guess my own opinion is I’m fine with it because at the end of the day people need energy and we need to clean up the climate,” Rhodes says.” It’s basically just oil that’s been extracted with the help of CO2, which fossil fuel companies shoot into depleting oil fields in a process called “enhanced oil recovery.”this year, it pisses off environmentalists.
For groups like the Indigenous Environmental Network that represent people who’ve borne the brunt of environmental damage from fossil fuels, direct air capture and carbon trading are still schemes that polluters hide behind. And any plan to manage carbon dioxide without considering the other harms that come with extracting, spilling, and burning fossil fuels are dangerous distractions
In some ways, a lot of the hype around direct air capture is extremely premature. This technology still has to prove that it can perform at commercial scale. Right now, just 18 direct air capture facilities operate around the world. Their combined capacity, capturingof CO2 each year, is a tiny fraction of what Occidental hopes to accomplish. The company’s goal is to capture some 30 million tons of CO2 in Texas a year.
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