ENGIE Energy Marketing to Establish a New Class of Technology-based Carbon Credits attributed to Carbon Sequestration
ENGIE Energy Marketing NA, Inc. has partnered with BKV Corporation to create a framework for a new product in the U.S. carbon credits market, focusing on carbon sequestration. This initiative aims to establish verified carbon credits by using advanced emission monitoring technologies. Project Canary will provide data analysis to ensure transparency and accountability. The partnership is positioned as a pioneering effort in developing a differentiated offering for buyers in the energy sector, with BKV's facility in Texas set to be one of the first permanent commercial sequestration projects.
- ENGIE and BKV are establishing a new class of differentiated carbon credits.
- Utilization of advanced emission monitoring technology to ensure transparency.
- Development of one of the first permanent U.S. carbon sequestration projects in Texas set for late 2023.
- None.
Key Highlights:
- ENGIE Energy Marketing NA, Inc and BKV Corporation will develop a framework and marketing program to develop a new product for an emerging U.S. market on Carbon Credits associated with measured Carbon Sequestration.
- Project Canary, the independent data and analysis provider, will reconcile sensing technologies and measure, analyze, and report the environmental attributes of the sequestrated Carbon to support decarbonization.
HOUSTON, Nov. 11, 2022 /PRNewswire/ -- ENGIE Energy Marketing NA, Inc ("EEMNA"), a subsidiary of ENGIE North America, announces 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.
EEMNA is a subsidiary of ENGIE North America. Based in Houston, Texas, ENGIE North America Inc. is a regional hub of ENGIE, a global leader in low-carbon energy and services. ENGIE (ENGI), is listed on the Paris and Brussels Stock Exchanges. Together with our 101,500 employees around the globe, our customers, partners and stakeholders, we are committed to accelerate the transition toward a carbon-neutral world, through reduced energy consumption and more environmentally friendly solutions. Inspired by our purpose ("raison d'être"), we reconcile economic performance with a positive impact on people and the planet, building on our key businesses (gas, renewable energy, services) to offer competitive solutions to our customers. In North America, ENGIE helps our clients achieve their energy efficiency, reliability, and ultimately, their sustainability goals, as we work together to shape a sustainable future. We accomplish this through: energy efficiency projects, providing energy supply (including renewables and natural gas), and the development, construction and operation of renewable energy assets (wind, solar, storage and more). For more information on ENGIE North America, please visit our LinkedIn page or Twitter feed, www.engie-na.com and www.engie.com.
Headquartered in Denver, Colorado, BKV Corporation (BKV) is a privately held, forward-thinking, growth-driven, energy company that seeks to deliver low-impact, sustainable energy to the community. BKV's core business is to produce natural gas from its owned and operated upstream businesses. Founded in 2015, BKV has approximately 400 employees across the U.S. that are committed to building a different kind of energy company. BKV is one of the top 20 gas-weighted natural gas producers in the United States and the largest natural gas producer in the Barnett Shale. BKV Corporation is the parent company for the BKV family of companies. For more information, visit www.bkvcorp.com.
Project Canary® is an environmental data and software company that collects, analyzes, quantifies, and visualizes asset-level environmental risk assessments and emission profiles. As a measurement, reporting, and verification (MRV) solution, the Canary SENSE Platform™ integrates a networked sensor canopy, including 3rd party sensor data and assessment scores, to provide independently verifiable climate attribute data for upstream, midstream, and CCS (carbon capture and sequestration) projects. Project Canary's insights help energy organizations improve performance, manage risks, and deliver auditable decarbonization data. Formed as a Public Benefit Corporation, the U.S. Colorado-based team includes scientists, engineers, and industry operators focused on the path to True Zero™. www.projectcanary.com
ENGIE North America: Michael Clingan, +1 (832) 745 6057, michael.clingan@external.engie.com
BKV Corporation: Becky Escott, +1 (940) 536-0359, becky.escott@bkvcorp.com
Project Canary: Rachael Shayne, +1 (303) 968-1702, rachael.shayne@projectcanary.com
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SOURCE ENGIE North America
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