Amazon invests in carbon-removal credits to achieve its climate targets

Amazon officials recently announced a 10-year agreement to purchase 250.000 of carbon removal credits from energy company Occidental Petroleum Corporation's (Oxy) carbon removal branch, called 1PointFive. This represents Amazon's first investment in carbon removal technology, as well as one of the largest orders of CO2 removal in history.

ESG Today reports that direct air carbon capture (DAC) represents the best way to remove carbon emissions from the atmosphere, according to International Energy Agency (IEA) officials, which can allow us to use the captured CO2 for other purposes or keep it underground.

Also, experts at the Intergovernmental Panel for Climate Change (IPCC) said that in order for us to achieve our climate goals, millions of tons of carbon emissions will have to be removed from the atmosphere every year over the next decades.

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1PointFive is currently building a DAC plant in Texas, called Stratos, which could go into service sometime in 2025. The carbon this unit will be able to capture is going to be converted to credits for Amazon, as per the purchase. Experts say that, once operational, Stratos could remove as many as 500.000 tons of CO2 emissions per year.

Officials at Oxy also announced recently that they agreed to acquire CO2 removal expert Carbon Engineering, which they say will help 1PointFive accelerate the rate of development and installing new carbon capture units "as a large-scale, cost effective, global carbon removal solution."

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