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Industry news & Insights
1PointFive, a subsidiary of Occidental's (NYSE: OXY) Oxy Low Carbon Ventures business, announced today the sale of 400,000 tonnes of carbon removal credits from its planned first Direct Air Capture (DAC) facility using Carbon Engineering’s DAC solution to aerospace leader Airbus (NYSE: EADSY).
Under the agreement, Airbus has pre-purchased the capture and permanent sequestration of 100,000 tonnes of carbon dioxide (CO₂) from the atmosphere each year for four years—with an option to secure more volume in the future.
1PointFive's contract is indicative of the availability of a feasible, affordable, and scalable decarbonization solution for aviation and other hard-to-abate industries. It provides another complementary solution for Airbus to address its carbon emissions and to support the broader decarbonization efforts currently underway across the air transport industry.
"We're proud to partner with Airbus on an enormous opportunity to help the aviation industry and other hard-to-abate sectors decarbonize," said 1PointFive CEO Michael Avery. “Direct Air Capture will be a scalable, practical solution that aerospace pioneers like Airbus can integrate into their decarbonization roadmaps to contribute to climate action.”