How Alberta’s Energy Sector Is Reducing Methane Emissions While Turning A Profit

 

Energy companies across Alberta are making the transition towards a low-emissions future — reporting on and reducing emissions for various reasons, including environmental impact, adhering to regulatory requirements, and appeasing investors.

Environmental, social, and corporate governance (ESG) strategy and reporting play a growing role in this transition to a reduced-emissions industry. Government regulations require production facilities throughout Alberta to inventory their emissions and set targets to reduce them. And investors are increasingly paying attention to how companies approach sustainability.

While there's a growing collective need to transition to more sustainable business, it's become something of a misconception that energy companies can't reduce their environmental impact without sacrificing their bottom line.

Luckily, there are a few ways producers can achieve their emissions reduction goals economically — and even profitably. A unique blend of free software to inventory emissions and help access government funding, technology that replaces existing methane emitting equipment, and the potential to generate emissions offsets (AKA carbon credits) are what can make this transition to sustainability an easy — and profitable — one.

Let’s take a look at some of these examples that Radicle, the largest developer of compliance carbon credits in Canada, offers.

Last week, Radicle announced they are offering the use of their Methane Abatement Project Platform (MAPP) Inventory tool for free to all qualified oil and gas producers and field service companies in Canada.

The sophisticated mobile application that has been used to inventory over 16,000 facilities throughout Alberta is being provided at no cost to enable companies to accelerate methane emission reductions at scale. The MAPP Inventory tool will also help companies access government funding and accelerate greenhouse gas emission reductions by implementing new, made in Canada, methane abatement technologies. By eliminating the hurdle of paying for the tool, Radicle makes it easy and economical for companies to develop and implement emission reduction plans.

Sometimes, it can be difficult to know what changes in processes or equipment could result in the ability to generate carbon credits for your operations. You may be asking yourself, “am I even eligible?” or “where do I get started?”

Radicle’s thought about this too. Their eligibility checker helps oil and gas producers in Alberta navigate through current eligibility and can help determine whether they may qualify for carbon credits by implementing specific changes.

On the product front, Radicle and Cream Energy Group are working together to help producers lower their field emissions by financing hybrid solar compressors to swap out equipment that vents methane. With the ability to generate carbon credits as soon as install happens, eligible equipment can typically be paid for in less than 12 months, and carbon credits can be generated for 8 subsequent years.

“This is a great way for producers to profit while achieving their methane reduction goals. The carbon credits are a real financial incentive to move beyond compliance,” says Ryan Richardson, Manager of Global Markets and Strategy at Radicle.

If you’re ready to get started on making reductions, it’s easier and more affordable than ever to get started. Visit radiclebalance.com to learn more and reach out to get started.

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