Energy & Science
Occidental Is First U.S. Oil Major to Target Net Zero Emissions
- Plans to build world’s largest plant capturing carbon from air
- Texas explorer joins European peers in targeting all sources
Photographer: Trevor Snapp/Bloomberg
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Occidental Petroleum Corp. became the first major U.S. oil producer to aim for net zero emissions from everything it extracts and sells, accelerating an industry trend that’s become commonplace in Europe.
The Houston-based company announced a target to reach net zero emissions from its own operations by 2040 and an ambition to do the same from customers’ use of its products by 2050, Chief Executive Officer Vicki Hollub said during a conference call with analysts on Tuesday. The plan relies heavily on capturing carbon dioxide and burying it, a technology that’s so far been prohibitively expensive.