09/10/2024 | Press release | Distributed by Public on 09/10/2024 16:20
Company's Local Investment to Provide Transformative Economic, Environmental and Social Benefits to Kern County Communities
LONG BEACH, Calif.--(BUSINESS WIRE)-- California Resources Corporation (NYSE: CRC), an independent energy and carbon management company, today announced the launch of its Carbon TerraVault I (CTV I) Elk Hills Community Benefits Plan (CBP) in Kern County, California.
CRC conducts its carbon management business through Carbon TerraVault and its subsidiaries, which pursue carbon capture and sequestration (CCS) projects that are directly sited or within proximity to significant sources of carbon dioxide (CO 2 ) emissions in California. CTV I is comprised of two CCS geologic formations located at CRC's Elk Hills Field in Kern County.
Through this comprehensive CBP, Carbon TerraVault will commit 1% of each CTV I project investment toward developing or expanding programs and partnerships with labor, community organizations and academic institutions that will provide transformative benefits to local communities throughout the region.
The CBP will adhere to the four core policy priorities outlined by the U.S. Department of Energy for community benefits plans: 1.) investing in America's workforce through quality jobs, 2.) engaging with communities and labor, 3.) advancing diversity, equity, inclusion and accessibility through recruitment and training, and 4.) implementing Justice 40, a government initiative that aims to ensure that 40% of the benefits from federal spending on climate change, clean energy, and other areas flow to disinvested communities.
"CRC has a long history of serving our Kern County communities and we look forward to building upon that foundation through our CTV I Elk Hills Community Benefits Plan," said Francisco Leon, CRC's President and Chief Executive Officer. "We take great pride in being 'a different kind of energy company,' providing innovative energy solutions to meet California's present and future energy needs and decarbonize our local economies. We are deeply invested in the long-term success of Kern County, and we are excited about working together with our community partners to make positive impacts in our communities and on our environment."
The CTV I Elk Hills CBP will be deployed in two phases, and includes the following goals:
Phase One
Phase Two
In addition to the expanded and new Community and Labor agreements listed above, CRC will continue its support of local academic institutions, including Kern CCD, which established the CRC Carbon Management Institute (CCMI) at the California Renewable Energy Laboratory, and CSUB, which established the Carbon TerraVault Scholarship and CRC Energy Transition Lecture Series.
The CTV I Elk Hills CBP exemplifies CRC's core values of Character, Responsibility, and Commitment. These values influence how we conduct our business, interact with our stakeholders, and support our local communities. CRC and CTV are committed to engaging with our community-based organizations and including them throughout the development of our projects. Open and meaningful dialogue with our stakeholders is a top priority as we develop innovative solutions to help California achieve its ambitious climate goals. Thank you to the organizations and legislators that support CCS and Carbon TerraVault.
About Carbon TerraVault
Carbon TerraVault Holdings, LLC (CTV), a subsidiary of CRC, is developing services that include the capture, transport and storage of carbon dioxide for customers. Through its subsidiaries and a joint venture, CTV is engaged in the development of a series of proposed CCS projects to inject CO 2 captured from industrial sources into reservoirs for permanent storage deep underground. For more information about CTV, please visit carbonterravault.com .
About California Resources Corporation
California Resources Corporation (CRC) is an independent energy and carbon management company committed to energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing carbon capture and storage and other emissions-reducing projects. For more information, please visit crc.com .
Joanna Park (Investor Relations)
(818) 661-3731
[email protected]
Richard Venn (Media)
(818) 661-6014
[email protected]
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