To capture CO2 in the US, climate tech startups partner with oil and gas

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A building that says “Climeworks” next to equipment that looks like shipping containers filled with fans.
Collector containers at the Orca direct air capture and storage facility, operated by Climeworks AG, in Hellisheidi, Iceland, on September 7th, 2021.  | Image: Arnaldur Halldorsson/Bloomberg via Getty Images

Climeworks, the Swiss company that’s capturing CO2 emissions for Microsoft, Stripe, and Shopify, is crafting plans to expand across the US, which is becoming the destination for companies that want to suck carbon dioxide out of the atmosphere.

“The US is a very interesting place, perhaps the most interesting place at the moment ... from a market perspective, but also from a policy perspective,” says Christoph Beuttler, Climeworks’ chief climate policy officer. The Inflation Reduction Act more than tripled tax credits for direct air capture (DAC) and storage projects. And the 2021 Bipartisan Infrastructure Law includes $12 billion for capturing and storing carbon dioxide.

Together with other partners, Climeworks has applied for a slice...

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