Microsoft Signs Contract with Occidental Petroleum for Carbon Credit Quota

TapTechNews July 11th news, in order to support its overall carbon strategy, Microsoft Corporation has signed a contract with Occidental Petroleum Company to purchase 500,000 metric tons of carbon dioxide removal (CDR) 'credit quota' within 6 years.

Microsoft Corporation has vigorously built new data centers to promote the development of the AI field, resulting in a sharp increase in its carbon dioxide emissions. The latest news says that this agreement is signed with 1PointFive, a carbon capture and storage business company under Occidental Petroleum Company, worth 'hundreds of millions of US dollars', but the official has not disclosed the specific value of the transaction.

TapTechNews note: Carbon credit quota refers to a way for a company to purchase verifiable emission reductions from a third party to 'offset' its own emissions, but this way has been controversial.

1PointFive stated in the announcement that the agreement reached with Microsoft this time is the largest single transaction of its CDR 'credit quota', and believes that its direct air carbon capture (DAC) technology is being accepted by more and more enterprises to help enterprises achieve the goal of net zero emissions.