(Reuters) – A new venture backed by U.S. oil and gas producer Occidental Petroleum Corp will develop the largest ever facility to pull carbon dioxide out of the atmosphere through a process known as direct air capture, the companies said on Wednesday.
Occidental’s venture capital arm, Oxy Low Carbon Ventures LLC, has formed a company with sustainability-focused private equity firm Rusheen Capital Management LLC to license the direct air capture (DAC) technology developed by Canada’s Carbon Engineering.
Interest in DAC has grown in recent years, from companies seeking to offset their climate impact to public officials worried about the slow pace of international agreements to cut emissions.
The cost of carbon-removal technologies like DAC however is high, and they have yet to be deployed on a mass scale. Environmentalists have also argued that they reflect a lack of resolve to end the use of fossil fuels.
The new company, 1PointFive, will develop a facility located on 100 acres in Texas’ Permian Basin. It aims to capture up to 1 million metric tons of carbon dioxide from the atmosphere a year, the companies said in a joint statement.
Construction will begin in 2022, allowing time to improve plant design and reduce costs. The project will seek financing in the market.
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