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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.

6th victim dies following South Carolina shooting

Jack Logan, founder of Put Down the Guns Young People, places stuffed animals and flowers outside of Riverview Family Medicine and Urgent Care on Friday after the fatal shooting in Rock Hill, South Carolina, a day earlier. Photo: Sean Rayford/Getty Images

The only survivor of this week's mass shooting in South Carolina by former NFL player Phillip Adams has died of his injuries, authorities said Saturday.

Details: Robert Shook, 38, an air conditioning technician from Cherryville, North Carolina, died of gunshot wounds from Wednesday's shooting at a doctor's home in Rock Hill, S.C., which claimed the lives of five other victims.

2 hours ago - World

In photos: Egypt unveils 3,000-year-old "lost golden city"

A view on Saturday of the city, dubbed "The Rise of Aten," dating to the reign of Amenhotep III, uncovered near Luxor. Photo: Khaled Desouki/AFP via Getty Images

A top Egyptian archaeologist on Saturday outlined details of a newly rediscovered "lost golden city" near Luxor that dates back more than 3,000 years.

Why it matters: Zahi Hawass told NBC News the large ancient city, unveiled Thursday, tells archaeologists for the first time "about the life of the people during the Golden Age." Johns Hopkins University Egyptology professor Betsy Brian said in a statement it's "the second most important archeological discovery since the tomb of Tutankhamen."