Occidental expects to achieve net-zero emissions by 2050

The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid

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NEW YORK, Sept 21 (Reuters) – Occidental Petroleum is going through a transformation to a carbon management company from an oil and gas company, Chief Executive Vicki Hollub said on Wednesday, adding that the company expects to achieve net-zero carbon emissions by 2050.

Hollub added that carbon capture, utilization and storage (CCUS) is a large gap in the climate transition that Occidental can help fill. Further, the Inflation Reduction Act (IRA) will help accelerate Occidental’s direct air capture technology, she said at IETA’s North America Climate Summit.

The $430 billion IRA, seen as the biggest climate change package in U.S. history, was signed into law last month. 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 has to be a better way to manage efforts to fight it.

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Reporting by Stephanie Kelly

Our Standards: The Thomson Reuters Trust Principles.

Stephanie Kelly

Thomson Reuters

A New-York-based correspondent covering the U.S. crude market and member of the energy team since 2018 covering the oil and fuel markets as well as federal policy around renewable fuels.

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