Innovation Tagline: Using the blockchain to create supply chain incentives to reduce the 1 Gt CO2e of Greenhouse Gas emissions
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We propose to use a blockchain oracle, such as Chainlink, to integrate the different sources of data from methane emissions. Several independent sources, such as GGFR, Flaring Monitor, MethaneSat, UNEP IMEO, flare-intel, could be combined with company reported figures to arrive at an answer. A blockchain oracle is designed for this purpose: It assigns tokens for each source of data and weighs the data according to the tokens held by its source. It could then also increase or decrease the tokens for each data source as the data is subsequently validated or refuted.
Once the combined data is used to derive the methane emission profile of an oil producing facility, a Using the derived methane tokens and emission profile is constructed for and oil producing facility. The emission profile is expressed as a non-fungible token (NFT) contract is used to track emissionsthe embedded methane emissions across other supply chain stakeholders. A carbon tracker NFT (C-NFT) has been implemented using the ERC-721 standard as part of the Hyperledger Labs Net Emission Token (NET) network to issue, transfer, and retire carbon tokens by different accounts.
- Voluntary Carbon Track Token Tokens (VCT) are issue by industry members to note the amount of emissions
- realized from flared/vented methane
- unrealized emission from oil
- , natural gas
- and derived fuels sold to other facilities in the fuel value chain.
- Audited Emission Certificates (AEC) are also assigned can be used to verify realized emissions of a facility.
- AEC are also assigned to energy consumers based on audited emission profiles. Fuel from high/low methane wells would have higher embedded emissions for whoever consumes it.
- Credits, in the form of methane performance certificates, transfer the lower embedded methane emissions from one party to another, helping them meet their emission reduction goals while providing incentives to reduce methane emissions at the well
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Si Chen is the founder of Open Source Strategies, Inc. and coordinates the Carbon Accounting and Certification WG of the hyplerledger Climate Action and Accounting (CA2 SIG). He is the author of the open source book, Open Climate Investing, and a co-editor of an upcoming book "Sustainable Carbon Economy with Blockchain: The Role of Oil and Gas Industry in The Energy Transition".
Woody Moore is currently acting Co-chair of the Climate Action and Accounting Special Interest Group (CA2SIG). He holds a Masters in Business Administration with 10+ years of experience planning and executing Go-to-Market strategies for early stage tech start-ups. He also has expertise in the field of internet governance, where he supports ICANN's (Internet Corporation for Assigned Names and Numbers) multistakeholder decision-making model to help the global community reach consensus around the protocols, standards and policies needed to support the security, stability and resiliency of the internet's Domain Name System.
b. Identify talent/resource gaps and needs (Do you need more support developing the blockchain solution? Do you need support with front end development? Do you need support developing the business model?)