BlackRock Invests USD550m in Occidental’s Direct Air Capture Project

BlackRock Invests USD550m in Occidental’s Direct Air Capture Project

BY  
Jordy Leo  
- November 9, 2023

Investment company BlackRock Inc has committed a significant investment of USD550m into energy major Occidental’s Stratos project, set to become the world’s largest Direct Air Capture (DAC) facility, as reported by Reuters on November 8. Occidental’s subsidiary, 1PointFive, will partner with BlackRock in a joint venture owning the Stratos project, with a total investment sum of USD1.3bn. This DAC facility, slated to commence operations in mid-2025, is designed to extract 500,000 tons of carbon dioxide (CO2) annually from the atmosphere and sequester it underground.

Occidental is utilizing the DAC project to mitigate its carbon footprint. Additionally, around 90% of the captured CO2 will be available to generate carbon-removal credits. Companies such as Amazon , Airbus SE , and All Nippon Airways have already signed agreements with 1PointFive to purchase these credits, offsetting their emissions. The International Energy Agency (IEA) has recognized that DAC technology is playing “an important and growing role” in achieving global net-zero emissions targets, despite initial high costs. Occidental plans to construct an additional 100 Stratos-like DAC plants to scale up the project and reduce the cost of carbon removal.

S****ources:

https://www.reuters.com/sustainability/climate-energy/blackrock-invest-550-mln-occidentals-carbon-capture-project-2023-11-07/

BlackRock Invests $550 Million in World’s Largest DAC Carbon Capture Project

https://www.bloomberg.com/news/articles/2023-11-07/blackrock-bets-550-million-on-occidental-carbon-capture-plant?srnd=green#xj4y7vzkg

Commencez à utiliser le toolkit Seneca ESG aujourd'hui

Suivez les performances ESG dans les portefeuilles, créez vos propres cadres ESG et prenez de meilleures décisions commerciales éclairées.

Toolkit

Seneca ESG

Intéressé ? Contactez-nous maintenant

Pour nous contacter, veuillez remplir le formulaire à droite ou nous envoyer directement un email à l'adresse ci-dessous

sales@senecaesg.com

Bureau de Singapour

7 Straits View, Marina One East Tower, #05-01, Singapour 018936

+(65) 6223 8888

Bureau de Barcelone

Carrer de la Tapineria, 10

Ciutat Vella, 08002, Barcelona, Spain

+34 612 22 79 06

Bureau de Taipei

77 Dunhua South Road, 7F Section 2, Da'an District Taipei City, Taïwan 106414

(+886) 02 2706 2108

Bureau de Lima

Av Jorge Basadre Grohmann 607 San Isidro, Lima, Pérou 15073

(+51) 951 722 377