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

Bryan Walsh, author of Future
Sep 23, 2020 - Technology

Gene editing plants and animals could help fight climate change

Illustration: Eniola Odetunde/Axios

Editing the genes of plants and animals could help mitigate greenhouse gas emissions from agriculture and other sectors, according to a report highlighting the possible uses of the technology.

Why it matters: For too long the potential of biotechnology to address climate change has taken a back seat to engineering, chemistry and energy. But new advances in gene editing could make farming more efficient and take carbon out of the atmosphere.

Ben Geman, author of Generate
Updated Sep 24, 2020 - Energy & Environment

China's split personality on climate

Illustration: Sarah Grillo/Axios

A new insta-analysis of China's vow to achieve "carbon neutrality" before 2060 helps to underscore why Tuesday's announcement sent shockwaves through the climate and energy world.

Why it matters: Per the Climate Action Tracker, a research group, following through would lower projected global warming 0.2 to 0.3°C. That's a lot!

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 12 a.m. ET: 33,282,969 — Total deaths: 1,000,867 — Total recoveries: 23,066,203Map.
  2. U.S.: Total confirmed cases as of 12 a.m. ET: 7,148,009 — Total deaths: 205,069 — Total recoveries: 2,794,608 — Total tests: 102,342,416Map.
  3. Business: Companies are still holding back earnings guidance.
  4. Health: Trump announces plan to distribute 150 million rapid tests —The childless vaccine.
  5. Media: Fauci: Some of what Fox News reports about COVID-19 is "outlandish"
  6. States: Cuomo extends New York moratorium on evictions until 2021.
  7. World: More than 1 million people have now died from coronavirus — India the second country after U.S. to hit 6 million cases.