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Image courtesy of Carbon Engineering

Occidental Petroleum has teamed up with Rusheen Capital Management to advance plans by Canada-based Carbon Engineering to build a direct air capture plant in the Permian Basin — and eventually facilities elsewhere, too.

Why it matters: It's a step toward building a plant that the companies say would be the world's largest direct air capture (DAC) facility, with the capacity to remove up to 1 million metric tons of atmospheric CO2 annually.

  • Occidental subsidiary Oxy Low Carbon Ventures and Rusheen, a private equity firm, have formed a company called 1PointFive to "finance and deploy" Carbon Engineering's technology in the U.S.
  • More broadly, the new licensing deal with 1PointFive and Carbon Engineering for the Permian plant in Texas is the "first step toward their aspiration to deliver this technology on an industrial scale throughout the United States," they said.

Catch up fast: Oxy and Carbon Engineering first proposed the Permian Basin facility last year.

  • Occidental, a large oil producer that uses injected CO2 to boost output, and Rusheen are existing investors in Carbon Engineering, which has also received funding from Bill Gates, Chevron and others.

Where it stands: DAC is among the nascent negative emissions technologies attracting more attention as a way to help avoid runaway global warming. But that's if — if! — it can eventually be deployed at a major scale (1 million tons annually is a drop in the bucket).

The big picture: A UN-led scientific report in late 2018 concluded that plausible pathways for holding temperature rise to 1.5 degrees Celsius above preindustrial levels require atmospheric CO2 removal methods in addition to steep emissions cuts.

Go deeper: Carbon capture leaders team up on net-zero emissions technology

Go deeper

Ben Geman, author of Generate
Nov 6, 2020 - Energy & Environment

Biden's climate diplomacy would face hurdles

Photo illustration: Sarah Grillo/Axios. Photo: Win McNamee/Getty Images

Joe Biden this week pledged again to immediately rejoin the Paris climate agreement if he wins the presidential election, but ultimately meeting his ambitions for the U.S on the world stage would be much tricker.

Why it matters: Biden would face big challenges and complex decisions after announcing the U.S. is back on the climate diplomacy circuit.

Biden will reverse Trump's attempt to lift COVID related travel restrictions

Photo: Tasos Katopodis via Getty

The incoming Biden administration will reverse President Trump's last-minute order to lift COVID-19 related travel restrictions, Jen Psaki, the incoming White House press secretary, tweeted.

Why it matters: President Trump ordered entry bans lifted for travelers from the U.K., Ireland, Brazil and much of Europe to go into effect Jan. 26, but the Biden administration will "strengthen public health measures around international travel in order to further mitigate the spread of COVID-19," Jen Psaki said. Biden will be inaugurated on Wednesday, Jan. 20 and Trump will no longer be president by the time the order is set to go into effect.

Dominion sends cease and desist letter to My Pillow CEO Mike Lindell

Photo: Stephen Maturen/Getty Images

Dominion Voting Systems on Monday sent a cease and desist letter to My Pillow CEO Mike Lindell over his spread of misinformation related to the 2020 election.

Why it matters: Trump and several of his allies have pushed false conspiracy theories about the company, leading Dominion to take legal action. It's suing pro-Trump lawyer Sidney Powell for defamation and $1.3 billion in damages, and a Dominion employee has sued Trump himself, OANN and Newsmax.