Energy specialists Occidental and Abu Dhabi National Oil Company (ADNOC) will evaluate investment opportunities in direct air capture (DAC) facilities and carbon dioxide (CO2) sequestration hubs in the US and the United Arab Emirates (UAE).
Under terms of a signed Memorandum of Understanding (MoU), the duo will specifically look at helping hard-to-abate industries achieve set Net Zero targets through the purchase of CO2 removal credits alongside emissions reduction programmes.
In turn, this will also help the countries to achieve their respective carbon reduction goals.
Focusing on the US, ADNOC may evaluate participation in DAC plants and CO2 sequestration hubs under development in the US by Occidental’s subsidiary 1Point Five.
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