Energy Storage, GHG Emissions, Industrial - August 25, 2022
California Resources Partners for Carbon Capture Project
California Resources Corporation (CRC), a California producer of oil and natural gas, announced the formation of a joint venture with Brookfield Renewable to create a carbon management partnership in California focused on carbon capture and sequestration (CCS).
CCS is a process of taking carbon dioxide out of the atmosphere or arising from an industrial process and sequestering or storing it in suitable storage facilities or infrastructure indefinitely.
Brookfield has committed an initial $500 million to invest in CCS projects, according to a statement. The JV is targeting 200 million metric tons of carbon dioxide storage development. This investment from Brookfield will be allocated through the Brookfield Global Transition Fund, the world's largest fund dedicated to facilitating the global transition to a net zero carbon economy, and is an important step in CRC's plans to achieve net-zero Scope 1, 2 and 3 emissions by 2045.