Harnessing the VCM to retire orphaned oil and gas wells
The American Carbon Registry launches methodology for tradeable offsets generated from plugging abandoned wells in the US
The American Carbon Registry (ACR), a greenhouse gas registry, has released a methodology for creating carbon offset credits from plugging orphaned oil and gas wells. These offset credits will be the first of their type to be issued through a major registry for the voluntary carbon market (VCM). They have the potential to considerably supplement recent government funding allocated to address this environmental and public health problem, and can focus remediation efforts specifically on methane emissions. Although there are arguably some differing interpretations, oil and gas wells that have not been operated and maintained in accordance with prevailing regulation are categorised as abandoned
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