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Amazon Commits to Carbon Removal Revolution with Landmark 1PointFive Agreement

ESGAmazon Commits to Carbon Removal Revolution with Landmark 1PointFive Agreement

Amazon has entered into a decade-long agreement to purchase 250,000 metric tons of carbon dioxide removal credits from energy giant Occidental’s carbon capture platform, 1PointFive. This marks Amazon’s first investment in Direct Air Capture (DAC) technology, which extracts CO2 from the atmosphere. According to the IPCC, DAC technology is crucial for achieving the goal of limiting global warming to 1.5°C.

Amazon’s carbon dioxide removal credits will be sourced from 1PointFive’s Texas-based DAC plant, STRATOS, set to be the world’s largest of its kind, capturing 500,000 metric tons of CO2 annually when operational in 2025. The captured CO2 will be stored in saline reservoirs.

This agreement follows the selection of Oxy’s South Texas DAC hub by the U.S. Department of Energy (DOE) for grants of up to $600 million, reinforcing DAC as a significant carbon removal solution. Oxy is also set to acquire Carbon Engineering, a move aimed at advancing Direct Air Capture on a global scale.

Amazon’s Climate Pledge Fund is also investing in DAC technology company CarbonCapture, which is developing “Project Bison” in Wyoming, projected to reach 5 million tons of capture and storage annual capacity by 2030. CarbonCapture will make up to 100,000 tons of carbon removal credits available to Amazon and its partners.

 

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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