New blockchain-based Emissions Accounting System ensures accurate accounting of Project Canary Verified Climate Attributes
NEW YORK & DENVER–(BUSINESS WIRE)–Project Canary®, a leading provider of total site-level emissions data and independently verifiable climate credentials that inform operational, investment, safety, and reporting actions, will establish a process to place Project Canary Verified Climate Attributes™ on EarnDLT’s blockchain-based Emissions Accounting System, the companies announced today. The agreement aims to facilitate the growth of the differentiated or Responsibly Sourced Gas (RSG) market by increasing stakeholders’ confidence around tracking, transferring, and retiring environmental attributes.
Key highlights of the collaboration include:
- Project Canary and EarnDLT will collaborate to transform Project Canary Verified Climate Attributes into EarnDLT’s Quantified Emissions Tokens™ and store them on EarnDLT’s enterprise-grade, blockchain-based Emissions Accounting System.
- Project Canary’s rigorous and trusted attribute verification approach, which utilizes independent measurement and assessments, will be combined with the numerous benefits of EarnDLT’s blockchain solution, including data immutability and integrity, efficient ownership transfer, and retirement of emissions attributes.
- Both companies will collaborate to improve the interoperability of the Project Canary Verified Climate Attributes with other electronic registries to create a complete universe of non-fungible tokens.
Increasingly sellers and buyers of RSG are demanding to understand the precise environmental footprint of the gas they produce, transport, and buy. By separating the physical gas molecules from their verifiable environmental attributes and registering those attributes on the blockchain, the buying and selling of differentiated gas becomes backed by more reliable data, the chain of ownership is wholly accurate, and attribute transfer and retirement are far more efficient. As the broader market for environmental attributes expands beyond verified low methane intensity gas, these expectations will extend to other attributes like water usage and land, safety and community attributes.
“Our Quantified Emissions Token and Emissions Accounting System bring needed transparency and accountability to the quickly rising environmental attributes market,” said Aaron Lohmann, Earn DLT Chief Executive Officer. “A blockchain-based platform provides accountability and prevents double counting of attributes, increasing the transactability of responsibly sourced gas and Project Canary’s other verifiable environmental attributes.”
The companies will work together to make it easier for mutual customers to join the registry. As the market expands, the companies will work with customers to seamlessly onboard more environmental attributes onto EarnDLT’s platform while ensuring these tokens are transferable among different registry platforms to support seller and buyer choice and grow the overall market.
“Buyers want differentiated commodities, and the only way to support the buy-side is to achieve verifiable attributes on the sell-side using reliably accurate independent third-party data. Blockchain registries bring radical transparency to the markets, adding another layer of trust and accountability for Project Canary’s emissions data and insights,” said Chris Romer, co-founder and Chief Executive Officer of Project Canary. “EarnDLT’s registry is one of the missing puzzle pieces in creating a transactable, trusted climate attribute trading market. Just as we offer a portfolio of emission sensing technology choices for customers, they also have multiple registry choices, which is good for the differentiated gas market.”
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 Quantified 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 here: https://earndlt.com/
About Project Canary
Project Canary® is the leading provider of climate insights for emission-intensive companies. Asset-level environmental assessments and the Project Canary networked sensor canopy provide independently verified climate credentials that influence health, safety, reporting, and disclosures. The company provides operational insights, emissions data, and Verified Climate Attributes™ to decarbonize energy systems by integrating sensor array data with a real-time portal for in-depth data analytics. Formed as a Public Benefit Corporation, the U.S. Colorado-based team includes scientists, engineers, and seasoned industry operators focus on emissions reduction using a quantifiable, measurement-based approach. www.projectcanary.com
Project Canary Contact: Rachael Shayne: [email protected]
EarnDLT Contact: Karl Osterbuhr: [email protected]