Occidental's 1PointFive to sell carbon credits to Microsoft

illuminum summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:

🗞️ Driving the news: 1PointFive, a carbon capture subsidiary of Occidental Petroleum, has agreed to sell 500,000 metric tons of carbon dioxide removal (CDR) credits to Microsoft over six years
• This move supports Microsoft's goal to be carbon negative by 2030

🔭 The context: 1PointFive's CDR credits will come from its STRATOS facility in Texas, which aims to capture up to 500,000 metric tons of CO2 annually
• Earlier, AT&T also committed to purchasing CDR credits from 1PointFive to achieve carbon neutrality by 2035

🌍 Why it matters for the planet: Trading carbon credits is a key strategy for companies aiming to offset their emissions and meet sustainability goals
• Effective carbon capture and sequestration are crucial for mitigating climate change

⏭️ What's next: As the STRATOS facility becomes operational, it will provide significant carbon removal capacity, supporting major corporations like Microsoft and AT&T in reducing their carbon footprints

💬 One quote: "The agreement is a part of Microsoft's goal to become carbon negative by 2030," reports Reuters

📈 One stat: Each carbon credit permits the emission of one metric ton of carbon dioxide or its equivalent in other greenhouse gases

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