Article04.01.2023
Based on the SEC standard for calculating reserves, we can be certain about the CO2 emissions avoided. Two barrels of oil = 1 tCO2e = 1 carbon credit.
When surfaced, the oil or gas would have been consumed with CO2 emissions as a result.
Once oil & gas is shut in, this is forever.
Anyone can verify the provenance.
While carbon credits have an important role to play in the global campaign to achieve net-zero, oftentimes credits such as those derived from nature-based solutions are downstream and in a different vertical than the emissions they’re offsetting. They originate in one sector but are used to offset emissions that have already happened in another sector.
ZeroSix carbon credits are different. They’re based on upstream avoided emissions directly from the fossil fuel industry, by leaving proven oil & gas reserves permanently in the ground, unextracted and unburned.
Buyers may review available projects and carbon credit opportunities through ZeroSix workflows and platform tools, with project information made available based on eligibility, availability, and selected criteria.
Once credits are purchased or transferred, ZeroSix supports the related recordkeeping and transaction workflow, including transfer to the buyer and subsequent management, transfer, trading, or retirement in accordance with the applicable platform and market structure.
ZeroSix supports credit availability, project review, and transaction workflows today. Contact us about current credits for sale, project-specific opportunities, and platform access through info@zerosix.co.
Carbon credit holders can retire their credits to support emissions reporting and related claims, with retirement reflected through a time-stamped and verifiable record.
Retired carbon credits are locked and cannot be exchanged, withdrawn to another wallet address, or transferred to another user. The tokens remain verifiable, able to be found through a block explorer. This helps third parties to verify climate claims made by token holders, and adds transparency to the ZeroSix solution.
Although we’re starting with a first tranche of ‘leave it in the ground’ fossil fuel-based carbon credits, that’s just the beginning. The ZeroSix solution is flexible. In the future, we anticipate onboarding other types of high-quality carbon credits, such as those generated from direct air capture (DAC) carbon dioxide removal solutions, among many others. These and other protocols will be governed by a fully decentralized and independent body.
With a groundbreaking focus on the U.S. oil & gas sector, ZeroSix incentivizes producers to leave their reserves unextracted and unburned, in exchange for blockchain-native, high-quality carbon credits.
