Occidental Petroleum is going through a transformation to a carbon management company from an oil and gas company, Chief Executive Vicki Hollub said on Sept. 21, adding that the company expects to  achieve net-zero carbon emissions by 2050.

Hollub added that carbon capture, utilization and storage is a large gap in the climate transition that Occidental can help fill. Further, the Inflation Reduction Act (IRA) will help accelerate Occidental's direct air capture technology, she said at IETA's North America Climate Summit.

The $430 billion IRA, seen as the biggest climate change package in U.S. history, was signed into law last month. The bill was designed to cut domestic greenhouse gas emissions as well as lower prescription drug prices and high inflation.

Hollub said addressing climate change is the greatest problem the world is facing today, and there has to be a better way to manage efforts to fight it.