Engie Energy Marketing to Establish Technology-Based Carbon Credits Attributed to Carbon Sequestration
ENGIE Energy Marketing NA, Inc (EEMNA), a subsidiary of ENGIE North America, announced on 11 November it will develop a framework and marketing platform for sourcing measured Sequestrated Carbon in establishing a new class of differentiated technology-based Carbon Credits.
EEMNA entered into a letter of intent with BKV Corporation to build this framework for verifiable environmental attributes with the use of carbon credits. The framework includes two approaches along the value chain. BKV will measure, reduce, and verify emissions using the latest operational enhancements and technologies, including continuous emissions monitoring while also using RSG gas. Secondly, BKV will deliver Sequestrated Carbon Credits to EEMNA under a defined framework for marketing to support development of a new and emerging market.
The value chain for sourcing measured Sequestrated Carbon Credits requires a reliable data partner. Project Canary will provide verifiable data and analysis utilizing their Canary SENSE Platform™ which reconciles sensing technologies, including 3rd party sensors, and includes measurement, reporting, and validation of methane intensity and the carbon emissions footprint of upstream, midstream, and carbon capture use and sequestration facilities. EEMNA and BKV plan to engage other 3rd parties and academic institutions to review and verify the framework.
EEMNA considers this initiative a first differentiated offering and the beginning of an emerging U.S. market in which an LNG buyer, gas utility, power utility, or other end-user can purchase measured and verified sequestrated carbon credits from a single, trusted company. This level of transparency is critical for the energy transition.
“EEMNA was a first mover in recognizing the value of RSG based upon quantified methane intensities and important environmental attributes. With this initiative, we are proud to push the market for certified, and auditable decarbonization targets forward,” said Ken Robinson, President of ENGIE Energy Marketing NA, Inc. “Reaching a true net zero carbon target requires a complete transformation of the energy system, which is why we are committed to taking the next transitional step with the development of measured sequestrated carbon credits.”
“The ability to develop a new energy framework towards net zero, requires high fidelity data, innovative technology, and the right leaders,” said Chris Romer, Project Canary Co-founder and CEO. “Today’s energy economy demands a cleaner, better way of producing, transporting, and buying energy. We are proud to help put this first trade together by delivering the transactable environmental data for this transformative deal.”
BKV’s natural gas commodity will have a complete, independently measured emissions profile, including one of the first permanent U.S. commercial and industrial geologic sequestration projects. Scheduled to come online in late 2023, it involves the injection of CO2 into a permitted facility owned by BKV in Texas.
“Evolving a long-established market isn’t simple, but we believe that progress requires innovative partnership to achieve net zero, and proof of performance,” said Chris Kalnin, CEO & Founder of BKV Corporation. “We are committed to creating an evolved market and framework that solves a complex problem.”
These new methodologies will help to measure and compute total emission footprints to meet new and emerging international standards for methane intensity and environmental factors. EEMNA, BKV, and Project Canary are committed to building this evolved market and establishing the verifiable data to underpin it.