Purewest Grows Market For Certified Gas Through Partnership With EarnDLT And Project Canary To Tokenize Verifiable Environmental Attributes
PRNewswire
November 15, 2022
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.