LONDON – Quality assurance provider Intertek has awarded the first certification under its new CarbonClear independent upstream carbon intensity certification program.
According to Intertek, the certification demonstrates assurance of carbon emissions performance, adding that in a recent independent survey, 89% of investors said they would like oil and gas companies to adopt certifications that verify carbon transparency.
CarbonClear independently verifies the upstream carbon intensity per barrel of oil or gas equivalent. It is designed to allow traders, refiners, regulators, and others to have confidence in certified and standardized emissions intensities; compare and differentiate the value of production streams; and determine how the purchase of commodities from these streams impacts a company’s or country’s progress toward emissions targets.
Alex Schneiter, CEO of Lundin Energy – which is targeting carbon neutrality by 2030 – said: “Oil and gas will continue to play an important role in the future energy mix, but when it comes to emissions, we know not all barrels of oil are created equally.
“The CarbonClear certification for Edvard Grieg…creates an independent and verified validation of one of the lowest carbon intensive fields in the world. If you can certify the provenance of a barrel of oil, it should have clear benefits for everyone in the value chain seeking to deliver a product which has inherently reduced emissions intensity, aiding the shift towards a lower carbon future and ultimately be an enabler for the energy transition.”
Today, according to McKinsey, 6% of the world’s global emissions originate from the production of oil and gas, although emissions vary significantly from field.