Amazon makes first investment in direct air capture climate technology

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 92%

Finance Finance Headlines News

Finance Finance Latest News,Finance Finance Headlines

Amazon will purchase the credits from the 1PointFive direct air capture plant in Texas, which is being developed by oil company Occidental’s Oxy Low Carbon Ventures subsidiary

is making its first investment in direct air capture technology, which removes emissions from the atmosphere, by committing to purchase 250,000 tons of removal credits over 10 years, it said on Tuesday.

Many scientists believe extracting billions of tons of carbon dioxide from the atmosphere annually, by using nature or technology, is the only way to meet goals set under the UN Paris climate agreement to curb climate change because so many emissions are still being generated by the use of fossil fuels.

Amazon’s carbon footprint for 2022 was 71.27 million metric tons of carbon dioxide equivalent, including Scope 3 emissions which are those generated indirectly from sources the company does not control or own, such as the emissions generated by staff flying for work.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in FİNANCE

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Amazon makes first investment in direct air capture climate technologyBy Susanna Twidale and Peter Henderson (Reuters) - E-commerce giant Amazon.com is making its first investment in direct air capture technology, which ...
Source: SaltWire Network - 🏆 45. / 63 Read more »