Occidental Petroleum, a Texas-based oil company, claims it will be net zero by 2040, but its methods are in question.
According to Grist, the oil company plans to rely heavily on carbon capture and removal, a method for capturing and removing carbon dioxide from the atmosphere, to obtain a misleading net-zero status.
What's happening?
While scientists agree that carbon capture and removal will be key to slowing down planet overheating, a new study from the nonprofit Carbon Market Watch said the company's plan is effectively an attempt to give itself a "license to pollute" to continue selling oil and gas.
At a conference, Occidental CEO Vicki Hollub said this technology would be "the technology that helps to preserve our industry over time."
While the company, often called "Oxy" for short, has pledged to be net-zero for its operational emissions, it has little to say about the oil and gas it sells, which, in 2022, represented more than 90% of its polluting gas emissions.
The company has invested heavily in carbon removal technology, such as direct air capture, also known as DAC. Its subsidiary, Oxy Low Carbon Ventures, announced in 2022 that it would create 135 DAC plants by 2035.
Grist explained that captured carbon must not enter the atmosphere again if the process would be considered a "net removal of carbon dioxide."
The Oxy CEO doesn't want to do that and said it will convert the carbon into synthetic electrofuels, which are low-carbon fuels, and sell it to other companies.
Why is Oxy's net-zero plan concerning?
Carbon removal is typically powered by fossil fuels, and Grist reported that Oxy hasn't stated its facilities would be powered by renewable energy sources.
According to the World Resources Institute, removing carbon can require 13% to 44% more energy. It also only removes 90% of the polluting gases. As a professor at MIT, Charles Harvey, told Grist, "they'll be releasing more CO2 than they're capturing" when considering the full scope of what's essentially the pollution created by capturing other pollution.
In addition, "[Oxy is] actually planning to increase its oil production, so there is clearly no intention there to transition to net-zero," said Marlène Ramón Hernández, co-author of the report and an expert on carbon removal at Carbon Market Watch, per Grist.
When it comes down to it, it seems Oxy is exploiting a loophole in what can be called "net zero" by covering up its pollution with more pollution and using it to greenwash its way into marketing itself as much more environmentally responsible — especially if it does not commit to using 100% renewable energy to power its carbon capture processes.
Oil and gas production can cause serious health issues in communities. According to an Environmental Research: Health study, in 2016, 7,500 excess deaths, 410,000 asthma exacerbations, and 2,200 new cases of childhood asthma were caused by oil and gas production. It also came with a cost of $77 billion.
What's being done about oil and gas production?
The Biden administration has increased the rates that oil companies will pay for new leases to drill and mine. This increase was born from the 2022 Inflation Reduction Act. The aim is to disincentivize companies from creating new drilling sites.
You could also help by using your purchasing power to support companies with eco-friendly policies and practices, among other steps.
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