Occidental announces target and plans to reach net zero emissions
OGCI member Occidental announced a target to reach net zero emissions associated with its operations before 2040 and an ambition to achieve net zero emissions associated with the use of its products by 2050. Occidental is the first US oil major to announce a net zero ambition that includes Scope 3 emissions.
Occidental’s strategy relies on leveraging its 40 years of experience with large-scale carbon dioxide separation, transportation, use and storage as part of enhanced oil recovery. These carbon management skills will be expanded to reduce Occidental’s own emissions and provide opportunities for other industrial companies to lower their carbon footprint.
Its subsidiary, Oxy Low Carbon Ventures (OLCV), is advancing leading-edge, low-carbon technologies and business solutions that enhance Occidental’s business while reducing emissions. OLCV’s joint venture, 1PointFive, plans to finance the development of the world’s largest direct air capture plant in the US Permian Basin, which will remove carbon dioxide from the atmosphere and sequester it underground.