United Airlines invests in carbon-capture project to be 100% green by 2050
CHICAGO(Reuters) - United Airlines said on Thursday it had committed to a multimillion-dollar investment in a project to remove carbon dioxide from the air through air direct-capture technology as part of a plan to be 100% "green" by 2050.
The project, 1PointFive, is a partnership between Occidental Petroleum Corp subsidiary Oxy Low Carbon Ventures and Rusheen Capital Management that plans to build the first U.S. industrial-sized direct air capture plant that would permanently sequester 1 million tons of CO2 each year.
That's the equivalent of what 40 million trees can do, but covering a land area about 3,000 times smaller, United said, adding that direct-capture technology is one of the few proven ways to correct for aircraft emissions.
United declined to provide further details on the investment amount.
