Palo Alto Networks Strikes Deal with Oxy's 1PointFive for Elimination of 10,000 Tons of Carbon Dioxide
Palo Alto Networks and 1PointFive Partner for Carbon Removal
Palo Alto Networks, a leading cybersecurity company, has announced a significant partnership with 1PointFive, a subsidiary of Occidental (Oxy) focused on Carbon Capture, Utilization, and Sequestration (CCUS). This collaboration is a proactive approach towards exploring innovative solutions for a greener future.
The heart of this partnership lies in the STRATOS facility, 1PointFive's upcoming direct air capture (DAC) facility in Texas. Scheduled to come online in 2025, STRATOS is projected to be the largest DAC facility in the world once fully operational, with a capacity to capture 500,000 tons of CO2 per year. The captured CO2 will be permanently stored through saline sequestration in deep underground wells.
Under the terms of the agreement, Palo Alto Networks will purchase 10,000 tons of carbon dioxide removal (CDR) credits generated from the STRATOS facility over five years. This purchase supports Palo Alto Networks’ sustainability goal to achieve net zero by 2040, which includes significant emission reductions and complementary carbon removal investments.
1PointFive is not new to DAC technology. Earlier this year, the Environmental Protection Agency (EPA) awarded permits to 1PointFive to sequester CO2 captured from STRATOS in deep underground wells. The company has also made substantial investments in DAC, including a $1.1 billion acquisition of DAC technology company Carbon Engineering in 2023 and an acquisition of DAC startup Holocene this year.
Michael Avery, President and General Manager of 1PointFive, made a statement regarding the agreement, but specific details were not provided. This collaboration is a significant step forward for DAC technology deployment at scale, combined with corporate use of CDR credits as part of climate strategies.
Palo Alto Networks aims to achieve net zero emissions by 2040, with a 90% reduction across Scopes 1, 2, and 3, and the rest mitigated through carbon removal investments. The agreement with 1PointFive supports 1PointFive's carbon removal strategy, as they continue to develop a series of carbon removal and sequestration projects in the U.S.
In conclusion, the partnership between Palo Alto Networks and 1PointFive marks a significant stride in the fight against climate change. The STRATOS facility, once operational, will play a crucial role in advancing DAC technology and sustainable energy development in the U.S.
- The collaboration between Palo Alto Networks and 1PointFive, centered around the STRATOS direct air capture facility, aligns with the science of carbon removal, aiming to combat climate-change issues.
- The strategic alliance between these two entities also signals a promising development in the environmental-science industry, as it highlights the increasing importance of sustainable energy in the business world.
- Finance plays a significant role in this partnership, with Palo Alto Networks investing in carbon dioxide removal (CDR) credits from the STRATOS facility to help their company reach its net-zero emissions goal by 2040.
- The industry-leading carbon removal project, STRATOS, is poised to revolutionize the energy landscape, demonstrating the effectiveness of science and finance in addressing climate-change challenges and paving the way for a greener future.
