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Inflation in China is Finally Beginning to Stabilize

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China's consumer inflation remains stable,…

Amazon Buys Carbon Credits In Its First Investment In Direct Air Capture

Amazon is joining the group of companies supporting direct air capture (DAC) technology by announcing it would buy carbon removal credits from 1PointFive, which is developing the world’s largest DAC plant in the United States.      

Amazon has committed to purchase 250,000 metric tons of carbon dioxide removal credits over 10 years from STRATOS, 1PointFive’s first commercial-scale DAC plant, the e-commerce giant said on Tuesday.

The plant is currently under development in Texas, with startup expected in mid-2025, 1PointFive, a subsidiary of U.S. oil and gas giant Occidental, said in April, when it held the groundbreaking ceremony for the facility.

Amazon is purchasing carbon removal credits from 1PointFive and investing in CarbonCapture Inc, Amazon said, adding that this DAC investment is part of Amazon’s Climate Pledge commitment to reach net-zero carbon emissions by 2040.

“These investments in direct air capture complement our emissions reductions plans, and we are excited to support the growth and deployment of this technology,” said Kara Hurst, vice president of worldwide sustainability at Amazon.

Last month, the U.S. Department of Energy (DOE) announced up to $1.2 billion to advance the development of two commercial-scale direct air capture facilities in Texas and Louisiana.

One of the two projects, South Texas DAC Hub in Kleberg County, is being developed by 1PointFive and its partners, Carbon Engineering and Worley.

The project will seek to develop and demonstrate a DAC facility designed to remove up to 1 million metric tons of CO2 annually with an associated saline geologic CO2 storage site.

“We believe this selection validates our readiness, technical maturity and the ability to use Oxy’s expertise in large projects and carbon management to move the technology forward so it can reach its full potential,” Oxy president and CEO Vicki Hollub said.   

Critics say DAC and other carbon removal plans are different forms of greenwashing in which polluters, including oil firms, use these technologies as an excuse not to cut emissions from the oil and gas they pump.  


By Tsvetana Paraskova for Oilprice.com

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