| Watershed, a startup that helps clients track and cut emissions, is teaming up with corporate giants to make carbon removal more widely available, Ben writes. Driving the news: Watershed today unveiled a partnership with Frontier — the consortium of Meta, Alphabet, Stripe and others that’s spending almost $1 billion to help create the market for services that draw CO2 from the atmosphere. How it works: The idea is to enable Watershed clients to tap into Frontier’s relationships with removal startups, vetting processes and other expertise. It will broaden access to removal tech “by enabling buy-in for Watershed customers at a wider range of commitment sizes.” Why it matters: The market for services like direct air capture, enhanced weathering and other methods is very young and costs are high. Expanding the customer pool further beyond big tech and other large players could help bring removal to scale faster. What they’re saying: “We need many shots on goal in carbon removal, and that means lowering barriers to entry to more companies to help scale innovative approaches,” Watershed co-founder Christian Anderson tells Axios via email. Zoom in: Watershed clients taking part already are Boom Supersonic, Canva, SKIMS and Zendesk. |
How to deepen the carbon removal buyer pool
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Share prices of oil producers bounced as crude prices rose, following the surprise OPEC+ decision to cut output this year, Ben writes. Driving the news: Companies seeing gains Monday included huge independents like Marathon Oil (roughly 10%) and ConocoPhillips (9%), and majors Chevron (4%) and Exxon (6%), to name a few. What they’re saying: Multiple analysts raised their 2023 price forecasts and see OPEC+ looking to keep Brent crude above $80 per barrel. Threat level: The International Energy Agency said oil markets were already slated to tighten this year. The new cuts “risk exacerbating those strains and pushing up oil prices at a time when strong inflationary pressures are hurting vulnerable consumers.” How it works: One thing that may have swayed OPEC: confidence that they won’t prompt a U.S. supply surge that blunts the price increases. “The U.S. shale industry … seems stuck on a lower growth trajectory, and the limited threat of a shale supply response may have emboldened OPEC+,” writes Ben Cahill of the Center for Strategic and International Studies. The intrigue: The White House response was mild compared with anger over OPEC+ cuts announced last October ahead of the midterm elections and amid higher energy prices. The National Security Council’s John Kirby told reporters the new cuts are not “advisable” given “market uncertainty.” But he noted the U.S. “strategic partnership” with Saudi Arabia despite disagreement with specific decisions.
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