PRESS
“A methodology that aims to earn carbon credits from closing oil and gas wells before the end of their economic life is being considered by the Gold Standard, according to updates from the Switzerland-based registry's website and the proposed scheme's proponent, climate investment platform Onyx Transition.”
Gold Standard Mulls Methodology to Retire Economic Oil, Gas Wells
“‘The Elimination Credits are of high quality because they hit all criterion for credit quality – additionality, quantifiability, permanence, net of leakage, co-benefits – and they deliver outsized climate impact by eliminating emissions now, when it matters.’”
Exclusive: Innovative Carbon Credit that Pays to Decommission Oil Fields in $10M Funding Round
”Onyx says its structure will ‘decimate the economic rationale’ for reopening oil wells. The idea is that the value of the carbon credit generated would not only match but surpass the future profits of retired oil wells.”
Editor’s Note: Should We Pay Oil Companies to Keep Fossil Fuel in the Ground?
“Onyx’s emergence comes at a time when the voluntary carbon market is undergoing scrutiny for the quality and reliability of carbon offsets. Amidst this turmoil, the introduction of the elimination credit represents a beacon of innovation and hope.”
Eliminating Oil Supply: A New Paradigm in Carbon Credits Market
