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 purchase tokens by searching available projects via the ZeroSix platform. An overview of eligible projects will be generated based on the selected search criteria.
Once the buyer has chosen and bought tokens from a project, these tokens are transferred to the wallet of the buyer and can be freely transferred out of the platform and traded peer-to-peer, providing full autonomy to the user.
Our platform will be available from August 2023. In the meantime, you can contact us about pre-purchase options and about reserving carbon credits through firstname.lastname@example.org.
Carbon token holders can “retire” their tokens to compensate for emissions, resulting in a time-stamped and signed certificate that can be used for reporting purposes.
Retired carbon credits are locked and cannot be exchanged, withdrawn to another wallet address, or transferred to another user.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.