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In this project, we will work on using blockchain technology to provide trusted data on methane and transfer that data to fuel consumers to incentivize methane reduction at the point of production. The first part of the project will integrate data from different sources to arrive at the best estimate of the methane emissions of a facility. The second part of the project will use Value chain (scope 3) reporting standards to calculate the impact of methane emissions reduction on fuels delivered to customers. It could then be used as part of the Supply Chain Decarbonization Project to incentivize the use of fuels with lower embedded emissions.
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Using the derived methane tokens, an oil & gas facility (well) starts constructing an emission profile for its fuel production. The profile is digitally encoded as a non-fungible token (NFT) smart contract that tracks embedded methane emissions across fuel supply chain stakeholders. A carbon tracker NFT (C-NFT) has been implemented using the ERC-721 1155 standard as part of the Hyperledger Labs Net Emission Token (NET) network to issue, transfer, and retire carbon tokens by different accounts.
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Resources
Oil & Gas Methane Partnership 2.0
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