LONDON and NEW YORK, March 21, 2023 /PRNewswire/ -- MiQ, the global non-profit leader in methane emissions certification, today launched the world's first certification program that enables a complete assessment of all greenhouse gas (GHG) emissions from the liquified natural gas (LNG) supply chain.
Until now, importers haven't had a transparent or credible way to quantify the level of emissions from purchases, despite rocketing global demand for LNG. MiQ's new framework tracks 100% of methane, carbon dioxide and nitrous oxide emissions from every segment of the LNG supply chain ? including production, gathering and boosting, processing, pipeline, liquefaction, shipping, and regasification.
"We are witnessing a significant spike in demand for LNG, especially in Europe and Asia, elevating concerns about the lack of transparency on emissions," said Georges Tijbosch, CEO of MiQ. "Our comprehensive GHG framework signifies significant progress toward reducing unnecessary upstream and Scope 1 and 2 LNG emissions to near zero, as we transition to a renewable energy future."
The company built the standard on emissions accounting data for production, which already exists on MiQ's digital registry. The GHG Standard gives importers the power to compare exporters using one common framework. Ultimately, buyers can reduce their Scope 3 emissions while driving pricing signals needed to incentivize investments from producers and exporters.
Founded on the mission to solve methane this decade, MiQ's methane performance standard has been used to independently certify nearly 20% of U.S. natural gas production. It's implemented by third-party auditors to validate emissions and create transparency for gas buyers, and continues to garner interest? BP recently announced it certified 100% of its U.S. onshore production; utility Washington Gas as well as fertilizer and energy giant CF Industries purchased MiQ-certified gas to reduce their Scope 3 emissions.
Tijbosch will discuss the non-profit's new program during the panel "Tracking Supply Chain Emissions" at the 2023 FT Global Commodities Summit on Tuesday, March 21 at 4:05 p.m. GMT.
MiQ is an independent not-for-profit established to facilitate a rapid reduction in methane emissions from the oil and gas sector. MiQ is the fastest growing and a globally recognized methane emissions certification standard. Certification allows global society to credibly differentiate gas based on its methane emissions performance, providing a market mechanism that incentivizes methane reduction. MiQ's vision is to create a market where certified natural gas can be traded like other historical commodities, ultimately creating incentives to drive down methane emissions across the board.
About Independently Certified Gas
Independently certified gas (ICG) is natural gas produced by companies whose operations are independently verified by third-party auditors. This clear, neutral assessment of natural gas provides operators with the information they need to drive down their emissions. The MiQ standard is enabling the growth of a market for ICG to accelerate the reduction of methane emissions from the oil and gas industry.
These press releases may also interest you