PureWest Grows Market for Certified Gas Through Partnership with Earndlt and Project Canary to Tokenize Verifiable Environmental Attributes
DENVER, Nov. 15, 2022 /PRNewswire/ — PureWest Energy, LLC (“PureWest”), an independent natural gas company based in Wyoming’s Green River Basin, today announced a first-of-its-kind collaboration with EarnDLT (“Earn”) and Project Canary. This partnership will transform verifiable low-methane emissions data attributes associated with PureWest’s gas production and other environmental attributes from Project Canary into digital tokens stored on the blockchain and available for purchase by end users or third parties looking to achieve their net zero emission goals.
Digital tokens give end users a robust and irrefutable accounting of the environmental performance associated with the production of PureWest gas. These tokens, when coupled with any natural gas supply, allow end users to account for this environmental performance when calculating their own scope 3 emissions. This innovative solution also enables PureWest to continue growing its certified gas product by expanding access to more buyers, increasing trust in certified gas and the underlying rigorous production standards, and enabling subsequent transferability and retirement. Buyers interested in purchasing certified gas volumes and/or the associated Certified Environmental Tokens™ will be invited to respond to an RFP issued by PureWest in the coming weeks.
Under the partnership, Project Canary will provide total site-level emissions data and independently verifiable environmental attributes associated with PureWest’s natural gas on a well-by-well basis, including the methane intensity. TrustWell™ by Project Canary environmental risk assessment scores related to fresh water conservation, land use, and community attributes will also be integrated. Earn, a blockchain-based emissions accounting system, then integrates these attributes, including origin information, to create comprehensive Certified Environmental Tokens™. Earn stores these immutable digital assets on a private blockchain and makes them available for easy distribution to buyers so they can be tracked and retired. Separately, Validere will synthesize PureWest’s emissions and operational data.
“For more than a year, PureWest has trusted Project Canary to verify our responsible and efficient production practices. Now, Earn’s blockchain-based solution is supporting the rapid expansion of our certified sourced gas product,” said Kelly Bott, SVP – ESG, Land, and Regulatory at PureWest. “Earn’s platform automates the digitization of our certified low-emissions data assets, underpins these assets with trust and transparency, and makes distribution and reporting incredibly efficient.”
PureWest’s collaboration with Earn and Project Canary demonstrates the company’s continued commitment to environmental stewardship and role as an ESG leader. PureWest recently joined the Oil & Gas Methane Partnership 2.0 (OGMP 2.0), a comprehensive, measurement-based reporting framework that improves the accuracy and transparency of methane emissions reporting in the oil and gas sector.
“Our Certified Environmental Token™ and Emissions Accounting System brings greater efficiency, transparency, and data integrity to the rapidly expanding certified gas market,” said Aaron Lohmann, EarnDLT Chief Executive Officer. “We’re excited to partner with PureWest to use the power of blockchain technology to improve the transferability of Project Canary environmental attribute data.”
PureWest Energy, LLC is a private energy company focused on developing its long-life gas reserves in Wyoming’s Green River Basin where the Company controls more than 114,000 net acres in and around the prolific Pinedale and Jonah Fields. PureWest is focused on achieving ever-higher ESG performance as part of its commitment to stakeholders and has an industry leading methane intensity rate of 0.05%, more than two years with zero motor vehicle incidents, and PureWest’s employee led community investment program. Additional information is available at PureWest.com.
EarnDLT (“distributed ledger technology”) is an enterprise-grade blockchain platform that radically improves transaction efficiency and integrity for a variety of industrial and commercial sectors. Earn’s Certified Emissions Token™ and Emissions Accounting System make the buying and selling of environmental attributes significantly easier and more trustworthy. The company’s credit and lending solution dramatically scales the settlement process for over-the-counter financial instruments. By redesigning today’s manual and analog processes using the power of blockchain technology, Earn is committed to unlocking new forms of value for businesses and our planet. Read more about Earn’s bold vision for a blockchain-based future at EarnDLT.com.
About Project Canary
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
Kelly Bott, SVP – ESG, Land & Regulatory