"Corporations and CEOs are realizing that for us to mitigate climate change in the world, it's absolutely necessary that we take steps now," said Vicki Hollub CEO of Occidental. "This is a sure opportunity and a way that we can definitively store and keep captured CO2 either underground or through products for forever, and it's a path for others to make their path sustainable too."
Hollub's company is also investing $100 million this year to develop three carbon sequestration hubs by 2025. Occidental has said it's on track to secure more than 100,000 net acres this year for these sequestration hubs, including for multiple sequestration sites on the Gulf Coast.
Another Berkshire interest, Chevron Corporation /zigman2/quotes/205871374/composite CVX -0.29% , earlier this year made its biggest bet so far in company history into alternative fuels, through a $3.15 billion acquisition of biodiesel maker Renewable Energy. While biodiesel and renewable diesel use similar feedstocks, renewable diesel undergoes a separate refining process to make it chemically identical to ultra-low-sulfur diesel.
“Most people see (biodiesel) as growing in the U.S. and Southeast Asia … and view it as a blendstock to get optimum margin because it’s less expensive than renewable diesel,” said Mark Nelson, Executive VP of Downstream and Chemicals for Chevron, in an interview with Reuters .
Much like the PetroTeq and Viston takeover offer, Chevron's offer for Renewable Energy came with a premium of more than 40% prior to the company's closing price the Friday before the Monday announcement took place.
The investment fits into Chevron's long-term plans to cut operational emissions to net zero by 2050 and in September pledged to invest $10 billion to reduce its carbon emissions through 2028, with about $3 billion earmarked for renewable fuels.
More recently, Chevron agreed to collaborate with Restore the Earth Foundation on a carbon offsets reforestation project in Louisiana, which includes planting an expected 1.7 million native bald cypress seedlings as part of the project.
"Chevron New Energies is proud to collaborate with Restore the Earth on our inaugural carbon offsets project - bringing lower carbon solutions to Chevron as well as our customers," said Barbara Harrison, vice president of Offsets & Emerging of Chevron New Energies. "In addition to helping remove carbon, the seedling replanting is anticipated to contribute to local forest and wetland ecosystem restoration."
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