As energy sector challenges increase and investors, regulators, and communities expect companies to do more to mitigate their climate impacts, there is increasing scrutiny around methane and other emissions. Methane is a greenhouse gas 82x more potent than carbon dioxide. As this new operating paradigm emerges for energy players, one thing is clear: the scrutiny will continue.
The quickly evolving ESG ethos requires more data and transparency from industry participants while investors and financial institutions want to see verified ESG data.
Global, top-tier oil and gas producers and utilities need independent data to demonstrate their work to find, mitigate, and manage emissions to reduce the negative impacts of energy development for a world that relies on the energy produced. Unfortunately, until now, most environmental reporting was based on estimates, self-assessments, and episodic data instead of accurate, real-time data and elevated standards to match their public ESG statements.
Project Canary’s mission is to lead industries toward net-zero emissions with independent, trusted data in this fast-moving arena. Energy sector participants are moving quickly to demonstrate responsible operatorship. As a result, they need to immediately identify and remediate fugitive emissions as part of their digital transformation and responsibility platforms. Our services provide real-time performance data and the well-pad certifications necessary for energy supply chain players to meet the increasing data and transparency demands from the most important stakeholders; consumers and investors.
Project Canary’s reliable, third-party independence enables operators to affirmatively prove that operations are in step with safety and environmental concerns and emissions are actively monitored and mitigated. With our certification program and SaaS platform, we aim to help energy producers, transporters, marketers, utilities, local distribution companies, and LNG operators alike raise the bar on environmental performance and address ESG needs with independent, real-time certification data and emission monitoring services.
Project Canary enables the energy sector players to solve the ESG / RSG equation through two critical methods:
- First, we provide TrustWell™ by Project Canary operational certification, enabling producers to demonstrate operational responsibility and a roadmap for performance improvements. Providing critical data, which investors, operators, and customers regularly require, is an essential tool in the increasingly data-driven ESG environment. TrustWell is a well-by-well certification program built on engineering standards and rigor. It dynamically evaluates 600 data points within 24 separate categories, including air, water, land, and community impacts. Algorithmic inputs produce silver, gold, and platinum ratings according to the level of robustness associated with operations. TrustWell certification has long been the recognized high standard for operational excellence and environmental stewardship in upstream oil and gas operations. In fact, it’s over 2x more robust than any other certification program. It provides operators with a solid ESG baseline to demonstrate annual performance improvements and accommodate investor and customer requirements, promoting trust and confidence.
- Second, we provide continuous monitoring. Our high fidelity Canary X monitors operate to detect methane and other chemical variants every second of every day and report encrypted data to the cloud every minute. In addition, Operators have access to their data using a real-time performance dashboard, which provides production-level data and insights. Information is gathered using anemometers and emission detection hardware. We fundamentally believe, and markets confirm, that independent, real-time data gathering at the production source will be required to underpin increasingly complex, responsibly-sourced gas contracts and transactions. This data is owned by, and used by, the customer. In addition, producers can use other qualifying hardware with our proprietary SaaS platform.
The primary benefits of using an independent certification body and monitoring system are that it provides a third-party view unencumbered by company, state, federal, or local politics and puts the power in the Operator’s hands. In addition, the company can deploy their high-fidelity data in step with their ESG strategy–for investors, employees, Boards, Advisors, and communities.
Third-party oversight not only provides reliable performance data on how companies like Bayswater meet regulations and ESG goals, but it also helps ensure the integrity of the data so that companies, investors, and the public can maintain confidence in the information provided. Project Canary does not sell or re-sell any consulting services that might hinder our independence and objectivity.
With so much at stake, emission estimates–the legacy way of reporting–are not good enough. This is why Project Canary’s environmental technology and reporting solutions benefit companies. We provide them with opportunities to capitalize on new markets for natural gas, generate operational efficiencies, decrease the cost of capital, and attract increasingly wary investors and employees by showcasing the viability of their top-tier, visionary operators.
Many lenders see positive ESG performance as a necessary display of a company’s ability, and commitment, to innovate — the lifeblood of longevity. It also demonstrates a company’s commitment to long-term viability for its customers, employees, investors, and communities. Conversely, to lenders, poor performance reflects a company’s lack of financial viability based on current and future regulations that put caps on how effective a company can perform when required to meet those standards. As a result, it becomes more expensive to adjust in more significant measures than to make more affordable, incremental changes over time.
Project Canary’s TrustWell and continuous monitoring services provide the environmental technology tools necessary to unlock previously unattainable commercial benefits, which include: improved ESG translates to higher asset and enterprise valuation; improved employee engagement and employer value proposition; greater access to and reduced costs of capital; and access to premium markets for certified responsibly sourced gas (RSG).