Occidental Petroleum (NYSE: OXY) is a large U.S. producer of carbon fuels. And yet there are material efforts afoot within the industry and outside of it to increase energy companies' exposure to cleaner alternatives. 

This helps explain why Occidental has been talking up the carbon capture project it's working on. But don't let that news flow distract you: Occidental is and will long remain an energy producer. That has material implications today.

As a company that produces carbon fuels, Occidental has its work cut out for it when it comes to dealing with the environmental impact of its business. The diehard ESG crowd would probably like to see the company pivot aggressively to alternative energy, but the reality is that oil and natural gas will remain vital parts of the global energy market for years to come. By some estimates, demand is likely to increase through at least 2040 and maybe even through 2050.

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Source Fool.com