{"id":783291,"date":"2023-09-12T06:50:04","date_gmt":"2023-09-12T10:50:04","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/1pointfive-and-amazon-announce-10-year-carbon-removal-credit-purchase-agreement\/"},"modified":"2023-09-12T06:50:04","modified_gmt":"2023-09-12T10:50:04","slug":"1pointfive-and-amazon-announce-10-year-carbon-removal-credit-purchase-agreement","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/1pointfive-and-amazon-announce-10-year-carbon-removal-credit-purchase-agreement\/","title":{"rendered":"1PointFive and Amazon Announce 10-year Carbon Removal Credit Purchase Agreement"},"content":{"rendered":"

\nThe 250,000-metric-ton Direct Air Capture credit removal purchase is the technology industry\u2019s largest agreement with 1PointFive
\n<\/h2>\n
\n

HOUSTON, Sept. 12, 2023 (GLOBE NEWSWIRE) — 1PointFive<\/a>, a carbon capture, utilization and sequestration company, today announced that Amazon (NASDAQ: AMZN) has agreed to purchase 250,000 metric tons of carbon dioxide removal (CDR) credits over 10 years. The agreement furthers Direct Air Capture (DAC) as a viable carbon removal solution to help organizations further their climate goals.<\/p>\n

The CDR credits for Amazon will be enabled by STRATOS, 1PointFive\u2019s first commercial-scale DAC plant, currently under construction in Texas. The plant is designed to capture up to 500,000 metric tons of CO2<\/sub> annually when fully operational, making it the largest plant in the world, and a milestone in reaching climate relevant scale.<\/p>\n

According to the Intergovernmental Panel on Climate Change (IPCC), the world needs to remove roughly 1 trillion tons of CO2<\/sub> from the atmosphere over the course of this century to keep global warming below the 1.5 degrees Celsius limit set by the Paris Climate Agreement.<\/p>\n

1PointFive is progressing the development of Carbon Engineering\u2019s Direct Air Capture technology, alongside other decarbonization solutions, at an industrial scale to help organizations achieve their net zero goals. Under the agreement with Amazon, the captured CO2<\/sub> underlying the CDR credits will be stored in saline reservoirs that are not associated with oil and gas production.<\/p>\n

\u201cAmazon\u2019s purchase and long-term contract represent a significant commitment to direct air capture as a vital carbon removal solution,\u201d said Michael Avery, President and General Manager of 1PointFive. \u201cThe addition of 1PointFive\u2019s high-integrity, quantifiable carbon removal credits\u00a0support Amazon\u2019s path to achieve net zero\u00a0and shows the growing role that DAC technology will play in decarbonization pathways. We are excited to collaborate with Amazon to help them\u00a0achieve their sustainability goals.\u201d<\/p>\n

\u201cAmazon\u2019s primary focus is to\u00a0decarbonize our global operations and reach net-zero carbon by 2040 through our transition to renewable energy, building with more sustainable materials and electrifying our delivery fleet and global logistics. We are also pursuing changes such as reducing the weight of packaging per shipment for our customers. At the same time, we also need to seek every possible avenue to reduce carbon in the atmosphere,\u201d said Kara Hurst, vice president of worldwide sustainability at Amazon.\u00a0\u201cThese investments in direct air capture complement our emissions reductions plans\u00a0and we are excited to\u00a0support the growth and deployment of this technology.\u201d<\/p>\n

\n About 1PointFive\u00a0<\/strong>
\n
1PointFive is a Carbon Capture, Utilization and Sequestration (CCUS) company that is working to help curb global temperature rise to 1.5\u00b0C by 2050 through the deployment of decarbonization solutions, including Carbon Engineering\u2019s Direct Air Capture and AIR TO FUELS\u2122 solutions alongside geologic sequestration hubs. Visit 1PointFive.com<\/a> for more information.<\/p>\n

AIR TO FUELS\u2122 is a registered trademark of Carbon Engineering Ltd.<\/p>\n

\n About Amazon<\/strong>
\n
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth\u2019s Most Customer-Centric Company, Earth\u2019s Best Employer, and Earth\u2019s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit\u00a0amazon.com\/about<\/a>\u00a0and follow @AmazonNews.<\/p>\n

\n Cautionary Statement Regarding Forward-Looking Statements<\/strong>
\n
This news release contains \u201cforward-looking statements\u201d within the meaning of the \u201csafe harbor\u201d provisions of the Private Securities Litigation Reform Act of 1995, including those relating to the agreement\u2019s benefits and related impact on carbon emissions and Occidental\u2019s (NYSE: OXY) and its subsidiaries\u2019 deployment and use of DAC technology, which are based on Occidental\u2019s current expectations, beliefs, plans, estimates, and forecasts. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. Words such as \u201cbelieve,\u201d \u201cwill,\u201d \u201cmay,\u201d \u201cexpect,\u201d \u201cplan,\u201d or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Occidental does not undertake any obligation to update, modify, or withdraw any forward-looking statements as a result of new information, future events, or otherwise.<\/p>\n

These statements are not guarantees of future performance as they involve assumptions that may prove to be incorrect and risks and uncertainties, including those that are beyond Occidental\u2019s control. Factors that may cause actual results to differ materially from forward-looking statements include Occidental\u2019s ability to access necessary technology, to develop and employ existing or new technology on a commercial scale, to access capital, to collaborate with third parties and customers, and to receive approvals from regulatory bodies, as well as market conditions, geopolitical events, and scientific developments. Additional factors that may affect Occidental\u2019s and its subsidiaries\u2019 ability to deploy DAC technology can be found in Occidental\u2019s public disclosure and its filings with the U.S. Securities and Exchange Commission (SEC), which may be accessed at Occidental\u2019s website at oxy.com or the SEC\u2019s website at sec.gov. Information included herein is not necessarily material to an investor in Occidental\u2019s securities.<\/p>\n

\n Contacts<\/strong>\n <\/p>\n\n\n\n
\n Media<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Investors<\/strong>\n <\/td>\n<\/tr>\n
Eric Moses
713-497-2017
eric_moses@oxy.com<\/u><\/a><\/td>\n		\u00a0<\/td>\nNeil Backhouse
713-552-8811
investors@oxy.com<\/a><\/u><\/td>\n<\/tr>\n<\/table>\n

\n
\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

The 250,000-metric-ton Direct Air Capture credit removal purchase is the technology industry\u2019s largest agreement with 1PointFive HOUSTON, Sept. 12, 2023 (GLOBE NEWSWIRE) — 1PointFive, a carbon capture, utilization and sequestration company, today announced that Amazon (NASDAQ: AMZN) has agreed to purchase 250,000 metric tons of carbon dioxide removal (CDR) credits over 10 years. The agreement furthers Direct Air Capture (DAC) as a viable carbon removal solution to help organizations further their climate goals. The CDR credits for Amazon will be enabled by STRATOS, 1PointFive\u2019s first commercial-scale DAC plant, currently under construction in Texas. The plant is designed to capture up to 500,000 metric tons of CO2 annually when fully operational, making it the largest plant in the world, and a … <\/p>\n

Continue reading “1PointFive and Amazon Announce 10-year Carbon Removal Credit Purchase Agreement”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-783291","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\n1PointFive and Amazon Announce 10-year Carbon Removal Credit Purchase Agreement - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/1pointfive-and-amazon-announce-10-year-carbon-removal-credit-purchase-agreement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"1PointFive and Amazon Announce 10-year Carbon Removal Credit Purchase Agreement - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"The 250,000-metric-ton Direct Air Capture credit removal purchase is the technology industry\u2019s largest agreement with 1PointFive HOUSTON, Sept. 12, 2023 (GLOBE NEWSWIRE) — 1PointFive, a carbon capture, utilization and sequestration company, today announced that Amazon (NASDAQ: AMZN) has agreed to purchase 250,000 metric tons of carbon dioxide removal (CDR) credits over 10 years. The agreement furthers Direct Air Capture (DAC) as a viable carbon removal solution to help organizations further their climate goals. The CDR credits for Amazon will be enabled by STRATOS, 1PointFive\u2019s first commercial-scale DAC plant, currently under construction in Texas. 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