The new joint company, International Environmental Standards, will combine continuous emissions monitoring technology with high quality TrustWell certification to create best-in-class provider of independent ESG performance data
DENVER, DALLAS and HOUSTON, August 5, 2020 — Project Canary, the leading provider of continuous emissions monitoring for the oil and gas industry, today announced it has joined forces with Independent Energy Standards (IES). IES is the developer of the TrustWell™ certification, the marquee ethical brand mark for the Responsibly Sourced Gas (RSG) market. The new entity will be a Public Benefit Corporation (“B Corp”) enabling it to combine the best of the for-profit and for-purpose models.
The new company, International Environmental Standards, combines the Project Canary continuous monitoring trusted data and the TrustWell™ certification to offer the industry a proven RSG solution and a comprehensive environmental data platform for evidencing Environmental, Social and Governance (ESG) performance based on best practices and high-quality objective data.
“We’ve worked very closely with both companies and have seen firsthand why they are both industry leaders,” said Howard Dieter, Vice President, Environmental, Health & Safety and Regulatory at Jonah Energy. “This combined powerhouse will offer best-in-class data-driven ESG calculations and trusted independent data for responsibly produced gas certifications. Utilities, regulators and capital markets are seeking trusted independent 24/7 data. Jonah is looking forward to working with them as we market our low emission responsibly produced gas.”
The Project Canary solution provides an advancement in RSG by capturing and storing environmental data in near real-time, including air emissions data on a granular level, on its cloud-based platform. This technology will provide TrustWell™ RSG buyers with a high integrity, objective validation of emissions performance—one of several metrics used to certify the conditions under which the gas was produced. TrustWell™ evaluates a wide range of impacts and risks, with a focus on four overarching categories: water, air, land and community. The ultimate output is a TrustWell™ Rating, similar to a LEED™ rating for a building, that is tied to the gas produced.
“Certified RSG from International Environmental Standards offers the oil and gas industry, utilities, power generators, natural gas distribution companies and pipeline operators a market-based opportunity to differentiate their commodity in a meaningful way, receive a premium price and preserve the role of natural gas as a bridge fuel to a carbon-neutral economy,” said Project Canary CEO Chris Romer
The continuous emissions monitoring technology deployed by Project Canary uses advanced sensors located at the fence line of well sites and production facilities to continuously monitor and report emissions data in near real-time. Timely alerts of emissions events help operators locate and remediate fugitive emissions quickly. Importantly, this data is independently curated and maintained, providing a reliable, verifiable and transparent record of environmental performance.
Jory Caulkins, IES CEO, said,“As demand for credible, independently verified ESG data continues to accelerate in the RSG and capital markets, this positions us to continue as the clear market leader and gold standard for evidencing environmental performance. We think this is only the beginning of a dramatic shift in the industry and we are excited to be the leader in making it happen.”
About Project Canary
Project Canary, based in Denver, Colorado, is a mission-driven B-Corporation accountable to a double bottom line of profit and the social good. We believe it is possible to create a financially successful, self-sustaining business that “does well and does good.” Our goal is to mitigate climate change by helping the oil and gas industry operate on a cleaner, more efficient, more sustainable basis. Our proven technology monitors emissions in near-real-time, enabling energy producers to rapidly identify and remediate fugitive emissions, and strengthen their social license to operate. The Project Canary solution is continuous, rugged, simple and affordable. Project Canary partners with the Colorado School of Mines Payne Institute to provide a transparent open-source platform to develop best continuous monitoring practices, similar to the work done by FracFocus to solve the fracking fluid crisis that occurred several years ago.
About Independent Energy Standards Corp (IES)
IES is the market-leading provider of responsibility verifications and analytics for the oil and gas industry. The company combines deep technical expertise with market mechanisms to economically reward responsible actors.