Investopedia defines ‘carbon credit’ as a permit that allows the owner to emit a certain amount of carbon dioxide or other greenhouse gases. One credit permits the emission of one ton of carbon dioxide or the equivalent in other greenhouse gases. Occidental Petroleum has made public its plans to advance its clean energy transition business, it’ll spend $800 million and $1 billion on a carbon dioxide removing facility, it’ll suck carbon dioxide from air.
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The proposed facility, which will be the world's largest yet, will begin construction later this year in US’s largest oil field and will become operational by the year 2024. The company will establish 69 more plants by the year 2035. It’ll invest $275 million this year. It plans to remove 1 million tonnes of carbon dioxide every year which is more than the capacity of all the DAC(Direct Air Capture) plants working in the world, according to IEA statistics.
Occidental has signed a four year contract with the aircraft manufacturer Airbus, it’ll help offset the carbon footprint of the company. Occidental’s largest shareholder is by Warren Buffet’s Berkshire Hathaway with 23% shares.
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