Microsoft and Occidental Petroleum have signed a record carbon credit deal worth hundreds of millions of dollars, as the technology industry struggles to keep its climate promises amid a surge in power needs driven by artificial intelligence. Occidental, one of the biggest US oil producers, will sell 500,000 carbon credits for an undisclosed amount to Microsoft over six years, under an agreement announced on Tuesday.
That growing business allows Occidental to sell credits linked to the captured carbon. It signed a similar deal with Amazon in September for 250,000 credits over 10 years. The tech sector was a “priority sector” for 1PointFive, Occidental’s carbon management subsidiary, said its chief executive Michael Avery.
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