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The U.S. Department of Energy is investing $1.2 billion in giant vacuums that suck carbon out of the air--an effort to slow global warming. The initial funding will create two carbon removal hubs in Louisiana and Texas, run by startup Climeworks and oil company Occidental respectively.
The Texas hub is being run by Occidental Petroleum and its subsidiary 1PointFive, which leased 106,000 acres south of Corpus Christi for CO2 removal and to store eventually up to the billion metric tons of carbon in the ground. Occidental's CEO, Vicki Hollub, said she estimates the hub has the potential to remove up to 30 million tons metric tons of CO2 per year through direct air capture once fully operational.
stocks.apple.com: Occidental and Climeworks big winners as Biden allocates billions for CO2 removal 