On Friday, Occidental Petroleum Corp. said in a securities filing that it would tie the company’s low-carbon business results to its CEO’s cash bonus in 2021.
The company increased the weight assigned to its emissions reductions and low-carbon ventures unit to 30% of CEO Vicki Hollub’s target bonus. Compared to the pre-pandemic level, her target compensation for the year was already slashed by 29%.
Before year-end, Occidental will set the medium-term net emissions reduction targets for sometime around 2030.
Previously in November 2020, the company set a target to reach net-zero emissions in its operations before 2040. The carbon-capture business could worth around USD2-5 billion.
