Oxy Strikes Carbon Credit Deal With Microsoft

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Carbon Capture News

Microsoft,Occidental Petroleum,Carbon Removal Credits

Microsoft buys carbon removal credits from Occidental Petroleum to offset its emissions growth from cloud computing.

Occidental Petroleum has signed a deal with Microsoft for the sale of 500,000 tons in carbon removal credits from a carbon capture facility that Oxy is building in Texas. The Stratos direct air capture facility will have the capacity to suck up to 500,000 tons of carbon dioxide annually, meaning Microsoft will be its single client buying the entire “output”. Microsoft urgently needs to lower its carbon footprint because its AI push is bringing emissions to new records.

Critics of direct air capture argue it is way too expensive to make any commercial sense. Yet the oil company, in which Warren Buffett has been building his shareholding consistently over the past couple of years, seems well positioned to profit from Big Tech’s race to the bottom of emissions. All the majors have net-zero targets even if they had to tweak them recently in light of their emissions records.

 

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