(Source: 1PointFive)
Trafigura agreed to purchase CO2 removal credits that carbon capture and storage company 1PointFive will produce at its Stratos industrial-scale direct air capture (DAC) facility, the companies announced at the World Economic Forum’s annual meeting and in a Jan. 16 press release.
Trafigura is a founding member of the First Movers Coalition, and its advanced purchase agreement with 1PointFive, an Occidental Petroleum subsidiary, is part of its commitment to purchase at least 50,000 tons of net CO2 removal credits by 2030. Trafigura is committed to supporting early-stage technologies to advance CO2 removal credits, the company said in its press release.
“We are excited about this agreement because it establishes our collaboration with a global commodities firm focused on reducing emissions across the value chain,” said Michael Avery, president and general manager of 1PointFive, in the press release.
The Stratos facility, under construction in Texas, will be able to capture up to 500,000 tons of CO2 per year, which will be stored through durable subsurface saline sequestration.
“We are delighted to collaborate with 1PointFive as we expand our global customer offering for hard-to-abate sectors,” said Hannah Hauman, global head of carbon trading for Trafigura. “Supporting the development of large-scale removals projects demonstrates our commitment to advancing carbon sequestration technologies, underpinning demand today to enable the scaling of production for tomorrow.”
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