Introducing Environmental Assessments 2.0 – aka TrustWell 2.0

Project Canary

July 5, 2023

The energy transition has left us all navigating uncharted waters – in various areas, we’re building something from the ground up without a road map. This hard work requires collaboration across borders, industries, and public and private sectors. Collaboration and transparency are foundational to a pragmatic and sustainable approach to the energy transition. At Project Canary, we believe a holistic approach to environmental performance, grounded in accurate data with rigorous assessment that permit true differentiation, must be at the heart of this approach. The markets, too, are increasingly focusing on granular data and transparency, as evidenced by the rise of climate registries focused on tracking multiple aspects of environmental performance data from end to end.

We’ve long anticipated this shift to granular, transparent data, and we’re proud to use our market-leading position to expedite this movement and increase accountability. That’s why today, we’re excited to announce that we’re making our entire environmental assessment protocol public. The market increasingly understands the importance of environmental attributes and expects that operators prioritize emissions reduction and environmental performance. Both operators and buyers want to be able to more readily differentiate the environmental footprint of their operations and the gas molecules. Doing so requires more data, more insights and more transparency. Accordingly, we are formally releasing our environmental assessment (TrustWell) methodology to the public to meet both market expectations and provide producers with an actionable path forward and buyers with more clarity.

Within this new framework we want to highlight our approach to methane specifically. TrustWell is and will remain focused on holistic environmental performance while our new stand-alone Low Methane Rating (LMR) will spotlight methane intensity. The LMR provides a granular look at pad-level emissions performance while also requiring operators to maintain a low methane intensity at the basin level. A TrustWell environmental assessment score, combined with the Low Methane Rating and emissions quantification, if desired, can be leveraged to further differentiate environmental performance.

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REPORT: Methane Measurement Industry is Ready to Scale Up to Meet the Demand for Accurate, Real-World Data

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Financing Reductions in Oil and Gas Methane Emissions