Carbon farming startup Loam Bio has closed a US$73 million Series B round co-led by Lowercarbon Capital and Wollemi Capital to improve the ability of soil to capture carbon.

Loam Bio specializes in boosting soil’s ability to store carbon through microbiology. It has also launched its CarbonBuilder seed inoculum and SecondCrop carbon tools in Australia.

The $73M Investment in Loam 

Apart from Lowercarbon Capital and Wollemi Capital, other key investors who participated in the funding round include:

Horizons Ventures, 
Acre Venture Partners, 
Main Sequence, 
the Clean Energy Finance Corporation, and
Grok Ventures

Loam will use the $73 million funding to expand its seed coating tech that supercharges plants’ ability to capture and store carbon in the soil. Tegan Nock, the company’s co-founder noted that:

“We’re really focused on delivering value for broad acre cropping systems right now, including wheat, barley and canola for the Australian market, and soy and corn for the US market.”

The fund will also support the delivery of new products that will go through years of testing for main crops in regions the company operates.

Better Soil Carbon Capture

About 10% of the earth’s surface is cropland. Though capturing carbon through the soil won’t be enough to remove what’s already in the air, the fact remains that it helps reduce carbon emissions. 

But farmers have to draw down carbon and store it underground. And this is no easy task for many farmers, especially in cropping systems. 

Loam co-founder Guy Hudson said that the annual cropping cycle can be intensive on soils. That’s because much of the carbon and nutrients are drawn from the soil to grow the crops for every season. 

Regenerative farming practices such as cover cropping and no-till are good at sequestering carbon. However, applying them at scale may disrupt existing operations of the farmers. 

This is where Loam Bio’s microbial technology comes in to help farmers adopt those carbon farming practices. According to Hudson: 

“By applying Loam seed treatment, farmers can accelerate a path towards healthier, more productive soils by driving more rapid increases in soil carbon, which benefits resilience and productivity.”

The startup seeks to improve the quality and quantity of soil carbon capture through its microbial technology. 

Loam’s CarbonBuilder: How it Works

Loam harnesses the power of microbiology to help tackle climate change while creating value for agriculture. 

The carbon farming firm coats seeds with its CarbonBuilder fungal before sowing them. The coating “supercharges” plants’ ability to store carbon in the soil.  

Nock said that what makes CarbonBuilder unique is the type of carbon that is sequestered through the biological process. She added that it’s the more stable form of carbon, meaning “there’s lower risk for farmers integrating carbon farming practices.”

She also said that this method increases fertility and productivity in the soil.

Under normal conditions, plants will draw down CO2 and trap it in the soil in the form of biomass. Among the various types of carbon, recalcitrant carbon doesn’t break down easily. Instead, it stays in the soil for a long time, up to a millennium. CarbonBuilder targets this hard-to-decompose carbon.  

Seeds coated with CarbonBuilder’s microbial fungi increase carbon sequestered in the soil. 

As the seed germinates, microbes bind the CO2 with macroaggregates in the soil. In other words, the fungi convert the carbon into a much stabler form it can keep in the ground for a long time. 

As mentioned in the video, there are 1.8 billion hectares of farmland globally. And there are about one million plants per hectare in a wheat crop. If those figures are multiplied and their sequestration is optimized through CarbonBuilder, the results would be massive. 

But that’s yet too far from what Loam manages to achieve right now. The carbon farming firm has sown 6,000 trial plots across 29 areas in 2 countries. 

In one example of CarbonBuilder’s application in barley, farmers managed to increase carbon units stored per hectare: from 0 – 2 to 3 – 6. 

Another company is improving trees’ ability to capture carbon and store it in their biomass. They refer to them as “GMO super trees“.

SecondCrop: Helping farmers join the carbon market

Alongside CarbonBuilder, Loam is also launching SecondCrop carbon project options. The goal is to boost the economic viability and transparency of the company’s carbon farming approach. 

Loam will assist farmers in many activities through SecondCrop, including:

Registration and administration
Land management strategies
Measurement and verification 

SecondCrop removes the upfront costs that carbon markets usually require. Loam also works directly with farmers to measure soil carbon and register with the carbon scheme. The company stated:

“By removing the risks of upfront costs, not [being able to build] soil carbon, and access to skilled support to manage the project, farmers are able to integrate carbon building into their existing farming system. Loam’s SecondCrop carbon project options are designed to remove these barriers for farmers and encourage increased participation in carbon farming.”

In carbon farming, carbon can be thought of as a crop similar to the other crops farmers produce. These agricultural practices give farmers the potential to turn their farms’ carbon sequestration into cash with carbon credits. Each ton of CO2 sequestered is awarded with one carbon credit.

This year, Loam will expand its technology testing in new geographies like Canada and Brazil. They will focus on the major crops grown specifically in those places.

Right now, Loam works with a limited number of Australian farmers to boost soil carbon capture. The carbon farming startup plans to reach the commercialization stage in the U.S. in 2024.

The post Loam Bio Gets $73M to Boost Soil Carbon Capture appeared first on Carbon Credits.

How do carbon offset credits work? The billion dollar question, especially now that estimates say the carbon market will hit a $50 billion mark by 2030.

Carbon dioxide has the same effect on the climate no matter the place or the source of emissions. So, a tonne of carbon dioxide absorbed from the atmosphere in one part of the globe can be canceled out in another to neutralize it. 

In other words, entities can compensate for their footprint’s impact by supporting projects that remove or reduce CO2 or its equivalent gas. These projects are then awarded with carbon offset credits in the process they call carbon offsetting. 

We’ll talk about how exactly carbon offset credits work to guide you this 2023, their purpose, and how to buy them. For a beginner, let’s start from the top by explaining what carbon offset credits are.

What Are Carbon Offset Credits?

Carbon offset credits refer to measurable, verifiable emission reductions from climate action projects. These projects reduce, remove or avoid greenhouse gas (GHG) emissions. But they also do other things apart from abating carbon emissions. 

Most climate-related projects also bring many other positive benefits such as restoring or protecting ecosystems and empowering local communities. Let alone reducing, if not stopping, reliance on fossil fuels. 

But to ensure that the credits are of high quality, projects must meet a rigorous set of criteria to pass verification by 3rd-party agencies and leading carbon standards like Verra and Gold Standard.

Theoretically speaking, 1 offset credit stands for 1 tonne of CO2 reduced or removed. 

After a company or an individual buys the carbon offset credit, it is permanently retired so it can’t be reused. 

Though carbon offset credits also trade in the compliance carbon market (cap-and-trade schemes), they’re more prevalent in the voluntary carbon market (VCM). That’s because many other companies outside the heavy emitting sectors seek to offset their emissions voluntarily. Credits circulating in the VCM are popularly known as carbon offsets. 

So why create carbon offsets in the first place? 

What Is The Purpose Of Carbon Offset Credits?

The end goal of carbon offset credits is to reduce or prevent the release of planet-warming GHG into the atmosphere. 

As mentioned, a carbon credit represents the right to emit one ton of CO2 or its equivalent gas. According to the Environmental Defense Fund, that is equal to about 2,400-mile drive in terms of CO2 footprint.

Since carbon dioxide is the principal GHG, people speak simply of trading in carbon. But other gasses are also measured in reduction claims such as methane and nitrous oxide. 

Under the compliance market, emitters are given a certain number of carbon credits (cap) that they can trade to help neutralize or offset global emissions (trade). Carbon credits in this market refer to certified emissions reductions or CER that follow a regulatory framework. These credits are issued and regulated by the government. 

If regulated entities emit more than their limits, they should buy the credits from others to comply with the required level. If they have an excess as they emit less than their cap, they can sell those credits to others who are short of them.

The major purpose of the scheme is to reduce the number of credits over time to incentivize emitters to look for ways to cut their footprint. 

In the VCM, things work differently but they all add up to the same intention. Market players don’t have to follow any limits but can decide how much emissions to offset by buying carbon credits. And same with mandated businesses, voluntary firms want to neutralize their footprint. 

Carbon offsets in the VCM are called voluntary emissions reductions or VER. They are independent and don’t need to follow government regulations. 

As a beginner in this space, you are perhaps thinking how carbon offset credits work. Maybe you’re wondering how carbon credits are calculated or if you can make money from carbon offsets. The good news is you can. 

Simply go over this guide on how you can make money producing and selling carbon offsets.

How Do Carbon Offset Credits Work for Beginners

If you’re a company owner, can you buy your way out of climate trouble with carbon offset credits? Yes and no. How is that so?

Under the climate mitigation hierarchy, buying carbon offsets is the last option. It means companies should not use carbon credits as an excuse to put off reducing emissions in business operations. 

But that doesn’t mean that carbon offsetting is useless and that it doesn’t work. The opposite is true…

Sales from carbon offset credits help channel money to the right projects that protect carbon sinks. 

In fact, many industry experts encourage companies to not just slash their own carbon emissions but also invest in actions outside of their value chain.

Moving the dial on climate change is critical to achieving global net zero emissions. And one key option in the dial is carbon offset credits. 

They provide a great way for businesses to fund climate actions such as protecting natural carbon sinks. Carbon credits are also crucial in scaling up carbon removal technologies which climate scientists consider elemental in keeping global warming from rising. 

More importantly, carbon offset credits work by ensuring that firms are putting a price on the impact their operations have on the environment. 

Best of all, offsetting hard-to-abate emissions through carbon credits attract funding to projects that effectively reduce emissions. 

Businesses should regularly assess their emissions and include them in sustainability reports. Reporting emissions is compulsory in many countries. 

In the United States, firms that emit 25,000 or more metric tons of CO2 must report those emissions to the EPA yearly.

The reporting threshold is lower in California – 10,000 metric tons.

If you think investing in carbon offset credits is worth every dollar, the next thing you should know is how to purchase them. 

How to Purchase Carbon Offset Credits? 

Obviously, you would be asking how much a single carbon credit is worth. The actual price depends on some things like the type of project and where its location.

But in general, carbon offset credits cost around $3 to $5 per ton of CO2. This carbon price, however, will rise dramatically in the next decade. Thanks to stronger climate policies and better standardization in the market.  

Again, you can do carbon offsetting voluntarily or to comply with certain regulations. 

There are various ways on how to purchase carbon offset credits…

One way to do that is to ask for a broker’s help, for a fee, of course. The broker often has the knowledge about the different projects to support with the credits you’re going to pay. 

Brokers charge a fee based on your emissions level. They will then invest a portion of your payment in a certain carbon reduction or removal project like reforestation. 

You then get a certificate or some type of proof showing that you have bought the offset credit. You can then use it for compliance purposes or for any other intention. 

Still confused about how carbon offset credits work and how to buy them?  

Here are the main steps you can follow for successful carbon offsetting:  

Step #1. Calculate your carbon emissions

For an individual, this will be easier. You have to get all the data from your household and individual carbon-emitting activities. 

For a company, it tends to be more difficult as there is a lot of information and data to collect to get the total emissions. The more complex the structure of your organization, the harder it is to identify who or what are the sources of emissions. 

Usually, doing it involves identifying three different sources of emissions – Scopes 1, 2, and 3.

Scope 1 refers to direct emissions from sources the company owns or controls while Scope 2 is the indirect emissions from electricity, steam, heating, and cooling resources the company buys. Scope 3 are other indirect emissions that come from the company’s value chain.

The following diagram shows the common types of emissions sources under each scope.

For a more detailed explanation on calculating emissions, check out this complete guide here. 

Step #2 . Cut emissions where possible

After you get your total emissions, you can then use it to work on your sustainability or decarbonization strategy.  

The Science Based Target initiative (SBTi) provides guidelines for companies on how to reduce emissions. The organization’s Net Zero Standard aligns with the goals of the Paris Agreement. 

You can also achieve carbon reductions in smaller ways through your individual actions. For example, you can switch to greener transportation or go for a more sustainable diet. 

Step #3 . Offset unavoidable emissions

Any emissions that your company can’t reduce can be offset by investing in carbon reduction projects. But take note that a project must be certified to issue carbon offset credits.

The top carbon certifying bodies are Verra, Climate Action Reserve, Gold Standard, Plan Vivo, and American Carbon Registry. 

Verifying that a project meets criteria is important. It needs to show that its carbon reductions are real, additional, measurable, and permanent. Only by meeting these criteria that the carbon credits the project generates is of high quality. 

Once you have purchased the correct carbon offset credits, you must be transparent about it to your stakeholders. They should be aware of your offsetting strategy and which projects benefit from your credit.

Transparency is crucial to avoid greenwashing accusations. Greenwashing is a marketing ploy used to convince people that a firm’s products, goals or policies are eco-friendly.

So, you must show that buying carbon offset credits works for you and it’s good for your business. And it’s the last option you have to deal with the pollution you emit.

Buy Carbon Offset Credits

Offsetting your emissions is obviously not a last-resort mindset. While carbon offsetting and buying carbon offset credits is not that hard, you should know how to do it and where to start.

Not to mention that there are plenty of carbon credit marketplaces available online to begin your search.

But if you want to ensure that each dollar you invest in a carbon reduction or removal project counts, get ready to know the details. You can start by knowing who issues carbon credits and work your way from there.

You may also learn which carbon credits are best to buy to offset your footprint.

The post How Do Carbon Offset Credits Work? (2023 Guide) appeared first on Carbon Credits.

Over a decade ago, an innovative carbon credits or emissions trading system (ETS) was established in California. It refers to the state’s “cap-and-trade” program that limits carbon emissions, creates a market for tradable emissions credits, and helps fund climate-related projects. 

The program is a key element of California’s strategy to cut GHG emissions while complementing other efforts to ensure that the state meets its climate goals. Its history, operations, and ways of business can help similar programs elsewhere succeed. 

So, how do California carbon credits work? What are the key components of the state’s carbon credit program? Or you may want to know more about how to sell, or perhaps how to buy California carbon credits. Either way, this guide article gives you the answers you’re looking for in clear, easy way.  

Let’s start off by explaining how the California carbon credits program works. 

How Do Carbon Credits Work in California?

The Cap-and-Trade Program, established in 2006, sets a declining limit on major sources of GHG emissions throughout California.

The basic concept is to create a market-based compliance approach to drive investments in climate strategies. It’s the only economy-wide carbon market in the U.S. and one of the largest ETS in the world. It supplements a range of various carbon reduction programs in the state. 

The program is central to meeting California’s ambitious climate goals:

To reduce emissions to 1990 levels by 2020 (which it met in 2016), 
40 percent below 1990 levels by 2030, and 
80 percent below 1990 levels by 2050. 

The state also has additional goals of reaching 100% carbon-free electricity by 2045 and economy-wide carbon neutrality by the same period.

The California Air Resources Board (CARB) manages and oversees the program. The Climate Action Reserve (CAR) serves as the Offset Project Registry under the program. CAR can issue Registry Offset Credits (ROC) under CARB Compliance Offset Protocols.  

Fast Fact: ROCS are not compliance instruments under California’s Cap-and-Trade program. They must first be transitioned into CARB offset credits to be eligible for compliance under the program.  

The California carbon credits program covers about 85% of the state’s GHG emissions. The number of entities that are subject to the cap is 450+. They have to be large enough, emitting at least 25,000 MT of CO2e each year. 

CARB creates allowances, also called carbon credits, equal to the total amount of allowed emissions (the cap). One allowance or carbon credit equals one metric ton of CO2 or its equivalent emissions under the 100-year global warming potential (GWP). 

Every year, fewer carbon credits are created and the annual cap declines over time. Allowances have an increasing annual auction reserve or floor price. This, plus the decreasing annual credits, make a steady carbon price signal to stir action to cut emissions. 

All covered entities in the California carbon credits program are still subject to existing air quality permit limits for criteria and toxic air pollutants. Each of them has to surrender one carbon credit, which represents one permit to emit for each ton of carbon. 

The majority of those permits will be allowances but entities can still use a limited number of CARB offset credits. 

Some entities will have some mandated allowances. Yet, they can buy additional allowances at auctions, buy them from others, or buy offset credits through projects. 

Fast Fact: Compliance offset projects must be listed with an approved Offset Project Registry like CAR to be eligible to earn CARB Offset Credits. CAR offers CARB-approved services like listing projects and issuing carbon offset credits. 

State-run auctions occur on a quarterly basis. Entities under compliance can participate and buy the required number of carbon credits. They have to retire the credits on an annual basis against their cap levels.

To make things even clearer, let’s break down each of the basic components of the carbon credit market in California.

Key Components of Carbon Credits System in California

When talking about carbon credits in California, there are three major elements involved – allowances, offset credits, and compliance period. 

What is an allowance? 

An allowance is a tradable carbon credit serving as a permit to emit one metric ton of CO2e. Each allowance has a unique serial number. The total number of allowances that CARB provides each year is equal to the annual cap.

Carbon credits under the California ETS or cap-and-trade program are distributed under four broad categories:

Cost-containment (red)
Utility allocation (green)
Industrial allocation (yellow)
Auction (blue)

The chart below shows their distribution per category. 

California ETS Allowances Distribution

Cost-containment reserves and a price ceiling reduce price volatility, if needed. While allocation to electric and natural gas utilities is for the benefit of end-users. Allowances for industrial facilities meant to minimize relocation of their emissions to areas without carbon pricing. 

After satisfying the allocation to those three categories, the remaining state-owned carbon credits, in blue, are auctioned quarterly. Covered entities and voluntary market participants can buy the auctioned allowances. 

The auction proceeds go to the Greenhouse Gas Reduction Fund (GGRF). As of June 2022, the GGRF is worth ~$20 billion in total capital for the state to use. The fund has supported 500+ million individual emissions reduction projects across California.

What is an offset credit? 

An offset credit is equal to a GHG reduction or removal of one metric ton of CO2e. The reduction or removal credit must be real, additional, measurable, permanent, and verifiable. 

The carbon offset credits can only be issued to projects that comply with the Compliance Offset Protocols. 

CARB offset credits differ from allowances, but they are often both referred to as compliance instruments. That’s understandable though as they’re both used by entities to comply with the California carbon credit program. But it’s important to take note of the difference between them.

CARB offset credits vs. allowances: 

Carbon allowances don’t represent the reduction of any emissions but simply a permitted emission under a regulated scheme. They are issued by the state government who sets the overall number of allowances with an annual cap – permitted level of emission.

CARB offset credits, on the other hand, refer to the verified emissions reductions generated from a certain carbon offset project. A covered entity may only meet up to 8% of its compliance obligation using CARB offset credits. 

So, in sum, carbon allowances are issued annually by the regulator while carbon offset credits undergo a rigorous approval and verification process before being issued.

Compliance period:

It refers to the time frame that an entity has to comply with the mandated emissions reductions. The compliance period follows this breakdown:

First compliance period: 2013 and 2014
Second compliance period: 2015 – 2017
Third compliance period: 2018 – 2020

The required carbon credits under the California cap-and-trade program is determined by the amount of reported and verified emissions. CARB will directly allocate a proportion of allowances to covered facilities. Each of which is responsible to satisfy the remaining allowances or offset credits to meet the cap.

At the end of each compliance period each entity has to turn in the compliance instruments, allowances and CARB offset credits. They must be equal to their total carbon emissions throughout the compliance period.

How To Sell Carbon Credits In California Market

Same with other carbon credits programs in other parts of the world, selling the pollution permits in California also follows these general steps. 

1. Get your offset project approved.

When selling carbon credits through the California ETS, your project must follow the rigorous approval and verification process set by the CARB. Examples of a carbon offset project are tree planting, seaweed farming, and capturing CO2 using a removal technology. 

The CARB has carbon standards in place for producing carbon offsets. It also implements California Cap-and-Trade Program’s Compliance Offset Protocols. 

If you’re a landowner, you can enroll into the program by producing the required documents showing land ownership. You also have to show that your land management practices indeed have reduced certain CO2 emissions. Only by then can you get a signed contract from a buyer.

2. Pick a carbon credit marketplace.

If your project has been issued with carbon credits, you can then sell it to a covered entity that has to meet its cap. You can also sell them in a carbon market where offsetting is voluntary.

Or you can select a carbon exchange to trade on the credits. Here are the top exchanges to choose from; they work the same way as various stock and commodity exchanges. The only difference is that instead of betting on company stocks, you’re selling carbon credits.

3. Know the rules of the program.

Most carbon programs have certain requirements and thresholds to follow. Under the California carbon credits program, covered entities have specific regulations to comply with as mandated by the CARB.

But in the state’s voluntary carbon market, trading offset credits follows different rules set by the program. For instance, smaller landowners with credits to sell sometimes “pool” their offsets together to trade on the carbon market.

4. Get to know the buyer.

If you’re selling to a company or institutional buyer, it’s crucial that you do a thorough research about it first. You should understand the terms you need to agree with them and know what’s required of you. 

It’s also important that you ensure the amount you paid with is right. The current price for carbon under the California ETS averages at ~$30 per ton. 

If you decide to trade the credits in a spot exchange, make sure to read the fine details. A good carbon platform shows essential information about the project that generates the credits. It also provides details about the project developer, location, and other relevant information. 

The California ETS has collected over USD $14 billion since inception.

How To Buy California Carbon Credits

Buying carbon credits in California is straightforward; it works the same with other carbon markets. But before you make the purchase, you need to consider these important things first:

Timing – how fast you need to get the credits and when you need them
Quantity – how many carbon credits you need 
Price – how much you can afford to buy

After you make those considerations, you can now decide how to buy California carbon credits through these various options.

Option #1. Buying from a project developer

The most direct way to purchase the credits is getting them from the source: project developer. Here are the top five project developers that have the highest ranks in the market today.

Getting carbon credits directly from a developer in California means you can either make a direct investment in the project or sign a contract for delivery. 

The first option involves a long-term purchase agreement, around 3 to 5 years. But you’ll buy the credits at a lower cost than market price. The second option is to contract directly with the developer for delivery of the credits as they’re issued. 

Opting for the second means brings you the benefit to get the credits also at a lower cost. But then again, you also have to commit to a long-term agreement (2 to 3 years).

Option #2: Buying from a broker

Just like other commodities, there are brokers for carbon credits. Some project developers work with them to process the credit sales.

Brokers can make it easier for you to find the credits you’re looking for (project, price, location, etc). They can also give you an analysis of the projects in California that generate the carbon credits.

This is a practical option if you need to buy a lot of carbon credits. The broker deals with all the transactions on your behalf. Plus, the acquisition process doesn’t involve long-term contracts.

In other words, you won’t be busy looking around for carbon credits you need. But that comes with a price – you may pay more for all the services the broker did for you. 

Option #3: Buying from a retailer

In case you only need a small amount of California carbon credits, then this option will suit you right. Searching for a retailer could be the fastest way to get the credits you need. There are plenty of them in the California carbon market. 

Retailers can give you at least basic information about the projects where the credits come from. Most often than not, they have an account on the Registry like CAR, and retire the offsets on your behalf.

Option #4: Buying from an exchange

This last option gives you the opportunity not just to buy carbon credits; you can also earn profits.

There are a number of carbon exchanges or trading platforms operating in the state. They often work with registries to enable the trading transactions. Here are the top carbon exchanges in the market right now.

Getting the credits from an exchange can be quick, easy, and cheaper than brokers. But it may also be harder to get enough information to assess the offsets’ quality. Yet, they still allow you to trade carbon credits in California ETS and earn extra income for it.

Getting the Right Carbon Offset Credits in California

The emissions trading system in California serves as a precedence for similar markets to emerge worldwide. Through the state’s “cap-and-trade” program, a market for tradable carbon offset credits is created. It helps fund climate solutions and thus, is critical to cutting the state’s carbon emissions.

If you are scouting the California market for carbon offset credits, you should know the key components involved. That means knowing what are carbon allowances versus CARB offset credits, as well as the compliance period to follow. 

You must also have a general understanding how to sell or buy carbon credits, or both, in the state. The steps outlined above can help you get started to get your hands on the credits you need. Just keep them in mind and you’re good to go. 

For a more comprehensive guide on how to buy carbon credits in general, go over this article. 

The post California Carbon Credits (How Does It Work?) appeared first on Carbon Credits.

DevvStream Holdings Inc. (“DevvStream” or the “Company”) (NEO:DESG), a leading carbon credit investment firm specializing in technology solutions, is pleased to announce significant initial developments in its future methane abatement offset program (the “Offset Program”) centered around the high-volume plugging of abandoned oil and gas wells with next-generation sealant technologies developed by its partner TS-Nano.

The Offset Program has completed the sealing of 7 wells with a high rate of success, generating impermeable cement plugs and closing off microcracks in existing cement barriers, which prevents the migration of CO2 and methane to the surface.

These successful tests represent critical progress toward the Company’s goal of using its Offset Program to address the estimated 3 million decommissioned oil and gas wells in the U.S. and the estimated 225,000 in Canada, all of which typically emit considerable quantities of methane into the atmosphere.

Reducing methane emissions is critically important in the fight against climate change, with methane release being responsible for roughly 30% of the increase in global temperatures since the pre-industrial era. Methane is up to 80 times more potent than carbon dioxide at trapping heat over the first 20 years after it reaches the atmosphere.

“Methane emissions are one of the most prolific contributors to climate change, and are also one of the most insidious,” said Sunny Trinh, CEO of DevvStream.

“Tackling the methane problem by sealing abandoned oil and gas wells is a significant challenge, but thanks to the proprietary nano-based technology developed by TS-Nano, we now have a tested, field-proven method for closing extremely thin microcracks (below 30 microns) in existing wellhead barriers. We’re pleased that TS-Nano has successfully capped the first round of test wells, validating the sealant application process in real-world environments and scenarios. Once the American Carbon Registry approves the methodology surrounding quantification, monitoring, reporting and verification, we will be poised and ready to generate carbon credits that will deliver previously unrealized economic benefits for oil and gas operators while providing a valuable asset for corporations and governments in their ongoing work toward Net Zero.”

As part of its continued efforts to make the Offset Program more efficient, affordable, and scalable moving forward, DevvStream has filed a second provisional patent application outlining its innovative programmatic approach to wellbore project management and carbon credit generation.

Similar to the Company’s provisional patent applications filed in January (as described in the Company’s news release dated January 25, 2023), this provisional patent application leverages the UNFCC CDM’s Program of Activities (or PoA) approach, recognized internationally, to aggregate multiple mitigation activities across multiple oil wells into a single offset project.

This umbrella approach will allow the Company to aggregate multiple abandoned and orphaned wellbores together under a single offset project, resulting in several anticipated improvements in efficiency, cost, and scalability.

Click here to Get More Info on DevvStream

Read more on Abandoned Oil Wells & Methane

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