At ClimateWells, it’s our mission to create high-integrity emission reduction projects that help corporations and individuals reach their climate goals – and our newly announced BeZero Carbon Rating underscores how seriously we take this mission.
The Rating
ClimateWells’ project in Los Angeles recently received a BeZero Carbon ex ante rating of “Ae”. This rating from the independent, global carbon credits ratings agency ranks our project in the top 6% of projects on which BeZero has issued ratings – and the top energy-sector project BeZero has ever evaluated. (The “e” stands for “ex ante” – ratings BeZero assigns to projects before the actual issuing of carbon credits.)
BeZero’s Ae rating represents the agency’s opinion of a “high likelihood” that each carbon credit generated by ClimateWells’ project will avoid one metric ton of CO2e and reflects the project’s high standalone carbon rating combined with very low project execution risk.
BeZero takes into account a wide range of factors, including additionality, carbon accounting, non-permanence, and project execution risk.
The Project
The project rated by BeZero is ClimateWells’ recent initiative with JPMorgan Chase to create economic incentives to help oil and gas producers permanently shut down old oil wells and the methane they emit in Wilmington, a neighborhood of Los Angeles. These wells are located next to homes and businesses, and many share a fence with a youth baseball field.
Using our science and economics-based approach, ClimateWells leveraged the voluntary carbon market and Rocky Mountain Institute’s Oil Climate Index to develop verified emission reduction projects that will serve to create jobs, improve health and safety, and further urban renewal in the Wilmington community.
“In addition to reducing pollution, the decommissioning process positively impacts communities by creating local job opportunities, particularly for former oil and gas industry employees, and helps reduce the health impact to local communities from industrial emissions.”
JPMorgan Chase
The Big Picture
Marginal oil and gas wells make up less than five percent of production but over 50% of all oilfield methane emissions - the largest source of methane in the U.S. That’s why we focus on shutting down these old, marginal wells early – keeping methane and other greenhouse gas emissions in the ground.
Every ClimateWells project is independently verified and registered to ensure a real and tangible impact, and our projects store emissions permanently, keeping everything underground for centuries.
We’re thrilled to see that our dedication to creating high-integrity carbon credits is reflected in our BeZero Carbon ex ante rating and look forward to continuing this momentum in our future carbon credit projects across North America.
To learn more about our work in Wilmington, visit our case study page.
BeZero Carbon ex-ante rating
Ae
July 2024
Definition
A credit has a high likelihood of achieving 1 tonne of Co2e avoidance or removal.
Disclaimer
The BeZero Carbon ex ante Rating, including the rating report (the “ex ante rating”) represents BeZero Carbon’s opinion, as at the date of the rating report, on the likelihood that carbon credits which may be issued by a project will achieve a tonne of CO2e avoided or removed. The ex ante rating sets out BeZero Carbon's opinion based on information that has been provided to BeZero Carbon or information that is publicly available as at the date expressed and BeZero Carbon shall have no liability to anyone in respect of the ex ante rating. The ex ante rating does not constitute a solicitation, recommendation or endorsement by BeZero Carbon or any third party to invest, buy, hold or sell a carbon credit and/or to invest in a specific project. The ex ante rating (together with the rating report) neither recommends nor will recommend how a project could achieve a particular carbon credit rating outcome. If you have any questions about BeZero Carbon and/or its services, please contact us at: commercial@bezerocarbon.com.
