The real reason why oil and gas companies are bullish on carbon capture
Two years ago, oil and gas company Occidental bought carbon capture startup Carbon Engineering. The transaction was hailed as a win-win: A climate tech company scored a significant exit, and a fossil fuel company gained a foothold in a sector that could be worth up to $150 billion by 2050. Now we have a better idea why Occidental was keen to pick up the pricey technology: They want to use it to pump more oil. Previously, the company had said it would use the technology to zero out its climate