Occidental Petroleum’s subsidiary, 1PointFive, has been awarded a $500 million grant from the U.S. Department of Energy to develop a massive direct air capture (DAC) facility in South Texas. The facility aims to remove millions of tons of CO2 annually, showcasing the potential of DAC technology in combating climate change.
The global carbon dioxide removal (CDR) market is projected to reach USD 21.25 billion by 2028, driven by increasing demand for sustainable solutions and rising investments in CDR technologies. Key trends include direct air capture (DAC), carbon capture and storage (CCS), and advancements in bioenergy with CCS. The report highlights market challenges, such as high energy costs for some technologies and the permanence of carbon storage solutions.
