PureWest, a natural gas producer based in Denver, has commenced tokenizing emissions credits as a measure to minimize the carbon dioxide effect of various clients, including methanol producers. The company’s certified environmental tokens (CETs) depend on aggregated data, verified by data company Project Canary. PureWest has recently initiated transacting tokenized credits with Proman, the Swiss-based world’s second-largest methanol producer.
According to Kelly Bott, the firm’s senior vice president of ESG, land, and regulatory, each CET is matched to one million British thermal units (MMBtu) of gas produced, and marketed on an MMBtu basis. PureWest describes CETs as purchasable credits saved on blockchain for third-party users. The tokens are transacted and stored on a private blockchain of EarnDLT, built using Quorum, a blockchain platform created by JPMorgan forked Ethereum in 2016, later selling it to the blockchain software firm ConsenSys. With this move, PureWest intends to motivate other producers to cut down their environmental footprint and take advantage of this quickly developing market.