On Wednesday, September 2, Vicki Hollub, chief executive of Occidental Petroleum, said that the company will transform from an oil and gas company into a carbon management company. She added that the company expects to achieve net-zero carbon emissions by 2050.
Hollub said that carbon capture, utilization and storage (CCUS) is a large gap in the climate transition that Occidental can help fill. Speaking at IETA’s North America Climate Summit, she said that the Inflation Reduction Act (IRA) will help accelerate Occidental’s direct air capture technology.
The $430 billion IRA, seen as the biggest climate change package in US history, was signed into law in August 2022. The bill was designed to cut domestic greenhouse gas emissions as well as lower prescription drug prices and high inflation.
Hollub said addressing climate change is the greatest problem the world is facing today, and there must be a better way to manage efforts to fight it.
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