{"id":10879,"date":"2023-11-08T03:29:11","date_gmt":"2023-11-08T03:29:11","guid":{"rendered":"https:\/\/infundpros.com\/business\/blackrock-set-to-invest-550mn-in-occidental-direct-air-capture-project\/"},"modified":"2023-11-08T03:29:11","modified_gmt":"2023-11-08T03:29:11","slug":"blackrock-set-to-invest-550mn-in-occidental-direct-air-capture-project","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10879","title":{"rendered":"BlackRock set to invest $550mn in Occidental direct air capture project"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=32685dcd-a58b-42d9-a529-6c7fc62f6add\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>BlackRock is set to invest $550mn into the world\u2019s biggest direct air capture project, which is being developed by Occidental Petroleum, in a sign of growing investor confidence in the nascent technology.\u00a0<\/p>\n<p>The companies said on Tuesday they would form a joint venture to develop Stratos, a project under construction in west Texas that aims to extract carbon emissions from the atmosphere.<\/p>\n<p>\u201cThis joint venture demonstrates that direct air capture is becoming an investable technology and BlackRock\u2019s commitment in Stratos underscores its importance and potential for the world,\u201d said Vicki Hollub, chief executive of Occidental, one of the biggest US oil companies.<\/p>\n<p>It is one of the biggest-ever investments in the technology and a boon for Occidental, whose largest shareholder is Warren Buffett\u2019s Berkshire Hathaway. <\/p>\n<p>The company is betting that carbon management will come to play a significant role in global decarbonisation efforts.\u00a0Direct air capture \u2014 or DAC \u2014 sucks CO\u2082 emissions out of the air to be buried underground or reused in building materials, agricultural products or fuels, rather than contribute to global warming by lingering in the atmosphere. <\/p>\n<p>The International Energy Agency has said the technology will play \u201can important and growing role\u201d in setting the world on course to achieving net zero goals as economies continue to burn fossil fuels. But it is not proven at scale, and some environmentalists worry it will slow the transition to cleaner forms of energy.<\/p>\n<p>BlackRock is investing through its fourth global infrastructure fund, which focuses on climate-related projects including those that help brown industries become greener. Last year it raised $4.5bn towards an eventual $8bn goal from global pension funds, insurance companies and sovereign wealth funds. BlackRock emphasised that it was putting money into the Occidental project because of the potential for significant returns.<\/p>\n<p>\u201cOccidental\u2019s technical expertise brings unprecedented scale to this cutting-edge decarbonisation technology,\u201d Larry Fink, BlackRock chief executive, said in a statement. \u201cStratos represents an incredible investment opportunity for BlackRock\u2019s clients\u2009.\u2009.\u2009.\u2009[and] underscores the critical role of American energy companies in climate technology innovation.\u201d<\/p>\n<p>The $9.1tn money manager\u2019s use of environmental factors in investing has made it a target for Republican politicians, who accuse it of boycotting fossil fuel and being \u201cwoke\u201d. Climate activists, meanwhile, are angry that BlackRock voted against most climate-related shareholder resolutions this year, saying the proposals were overly prescriptive. BlackRock and Fink insist that the fund manager puts investor returns and requirements first.<\/p>\n<p>Stratos \u2014 which is designed to capture up to 500,000 tonnes of carbon a year \u2014 is about 30 per cent complete, according to Occidental, with commercial operations expected to begin in 2025.<\/p>\n<p>In August, another Occidental DAC development was among the winners of a $1.2bn award from the Department of Energy, as the Biden administration looks to expedite commercialisation of the technology as part of its drive to decarbonise the economy.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/32685dcd-a58b-42d9-a529-6c7fc62f6add\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. BlackRock is&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-10879","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BlackRock set to invest $550mn in Occidental direct air capture project | inFundPros<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.BlackRock is set to invest\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=10879\" \/>\n<meta property=\"og:locale\" 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