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“Net zero” oil company: Climate action or oxymoron?

Occidental Petroleum (Oxy) has positioned itself as a global leader in direct air capture, carbon capture and utilisation, and enhanced oil recovery. In ambiguous messaging, the oil and gas company depicts these processes as both an effective tool for tackling the climate crisis and as a mechanism for extending business as usual fossil fuel production and consumption for decades to come.

This report contributes to a broader discussion on the role of carbon removals in a low-carbon society by investigating the credibility of Oxy’s net-zero strategy, and whether it is aligned with the 1.5°C Paris-aligned temperature goal. We give particular attention to IPCC and IEA recommendations for the oil and gas sector, and Oxy’s engagements with carbon markets and their claim to sell “net-zero oil”.

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