1PointFive and Trafigura Announce Direct Air Capture Carbon Removal Credit Agreement
17 January 2024 - 12:00AM
1PointFive, a carbon capture, utilization and sequestration (CCUS)
company, and Trafigura, a market leader in the global commodities
industry, today announced that Trafigura has agreed to purchase
carbon dioxide removal (CDR) credits to be produced from
1PointFive’s first industrial-scale Direct Air Capture (DAC)
facility, STRATOS, which is currently under construction in Texas.
This is Trafigura’s first transaction towards meeting its
commitment as a Founding Member of the First Movers Coalition to
purchase at least 50,000 tons of durable and scalable net carbon
dioxide removal credits generated through advanced CDR technologies
by 2030.
The advance purchase of DAC credits from 1PointFive aligns with
Trafigura’s commitment to support early-stage technologies to
enable high-quality carbon removal credits for its customers. It
also marks the establishment of a relationship between 1PointFive
and Trafigura to advance DAC as a practical, transparent and
durable carbon removal solution. The agreement paves the way for
the broader adoption of 1PointFive’s CDR credits to help
hard-to-abate industries address their emissions.
STRATOS is designed to capture up to 500,000 metric tons of CO2
annually when fully operational and is expected to be the largest
facility of its kind in the world. The captured CO2 underlying
Trafigura’s removal credits will be stored through durable
subsurface saline sequestration.
“Our work with Trafigura is rooted in a shared commitment to the
climate and an understanding of the critical role that durable
carbon removal, specifically Direct Air Capture, plays in helping
organizations address their carbon footprint,” said Michael Avery,
President and General Manager of 1PointFive. “We are excited about
this agreement because it establishes our collaboration with a
global commodities firm focused on reducing emissions across the
value chain.”
“We are delighted to collaborate with 1PointFive as we expand
our global customer offering for hard-to-abate sectors. Supporting
the development of large-scale removals projects demonstrates our
commitment to advancing carbon sequestration technologies,
underpinning demand today to enable the scaling of production for
tomorrow,” said Hannah Hauman, Global Head of Carbon Trading for
Trafigura.
About 1PointFive1PointFive is a Carbon Capture,
Utilization and Sequestration (CCUS) company that is working to
help curb global temperature rise to 1.5°C by 2050 through the
deployment of decarbonization solutions, including Carbon
Engineering's Direct Air Capture and AIR TO FUELS™ solutions
alongside geologic sequestration hubs. Visit 1PointFive.com for
more information.
AIR TO FUELS™ is a registered trademark of Carbon Engineering
Ltd.
About TrafiguraTrafigura is a leading
commodities group, owned by its employees and founded 30 years ago.
At the heart of global supply, Trafigura connects vital resources
to power and build the world – responsibly and efficiently. We
deploy infrastructure, market expertise and our worldwide logistics
network to move oil and petroleum products, metals and minerals,
gas and power from where they are produced to where they are
needed, forming strong relationships that make supply chains more
efficient, secure and sustainable. We invest in renewable energy
projects and technologies to facilitate the transition to a
low-carbon economy, including through joint ventures H2Energy
Europe and Nala Renewables.
The Trafigura Group also comprises industrial assets and
operating businesses including multi-metals producer Nyrstar, fuel
storage and distribution company Puma Energy, and our Impala
Terminals joint venture. The Group employs over 12,000 people and
is active in 156 countries. Visit: www.trafigura.com
Trafigura is a founding member of the First Movers Coalition
(FMC), a global coalition of companies leveraging their purchasing
power to decarbonise the world's heavy-emitting sectors. This
includes advocating for industry-wide action on shipping emissions
and, as part of the FMC, we have committed to converting six
shipping vessels (18 percent of our current owned fleet) to use
zero emissions fuels by 2030. We have also committed that 10
percent of total primary aluminium purchased by 2030 will comprise
near-zero carbon aluminium, produced using advanced technologies
not yet commercially available. Visit:
https://initiatives.weforum.org/first-movers-coalition/home
Cautionary Statement Regarding Forward-Looking
StatementsThis news release contains “forward-looking
statements” within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995, including
those relating to the agreement’s benefits and related impact on
carbon emissions and Occidental’s (NYSE: OXY) and its subsidiaries'
deployment and use of DAC technology, which are based on
Occidental’s current expectations, beliefs, plans, estimates, and
forecasts. All statements other than statements of historical fact
are forward-looking statements for purposes of federal and state
securities laws. Words such as “believe,” “will,” “may,” “expect,”
“plan,” or similar expressions that convey the prospective nature
of events or outcomes are generally indicative of forward-looking
statements. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
news release. Unless legally required, Occidental does not
undertake any obligation to update, modify, or withdraw any
forward-looking statements as a result of new information, future
events, or otherwise.
These statements are not guarantees of future performance as
they involve assumptions that may prove to be incorrect and risks
and uncertainties, including those that are beyond Occidental’s
control. Factors that may cause actual results to differ materially
from forward-looking statements include Occidental’s ability to
access necessary technology, to develop and employ existing or new
technology on a commercial scale, to access capital, to collaborate
with third parties and customers, and to receive approvals from
regulatory bodies, as well as market conditions, geopolitical
events, and scientific developments. Additional factors that may
affect Occidental’s and its subsidiaries' ability to deploy DAC
technology can be found in Occidental’s public disclosure and its
filings with the U.S. Securities and Exchange Commission (SEC),
which may be accessed at Occidental’s website at oxy.com or the
SEC’s website at sec.gov. Information included herein is not
necessarily material to an investor in Occidental’s securities.
Contacts
Media |
Investors |
Eric Moses+1
713-497-2017eric_moses@oxy.com |
Neil Backhouse+1
713-552-8811investors@oxy.com |
|
|
Trafigura Press Office +41 (0)
22 592 4528media@trafigura.com |
|
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