Alberta, Canada increased its recognized global warming potential (GWP) of methane to 28, up from 25 times carbon dioxide. As of April 2023, the carbon price in Canada has also increased, from $50 to $65 per ton of carbon dioxide equivalent. The new Technology Innovation and Emissions Reduction (TIER) regulation further helps and stimulates businesses to find ways to reduce emissions via innovation and investment in clean technology.
The province’s recent adjustment to the GWP of methane means that oil and gas facility operators can generate more carbon credits, 12% more, from the same amount of methane reduction, making methane abatement even more enticing. With the 12% increase and a revised carbon credit of $65/tCO2e, Qnergy clients who purchase the Compressed Air Pneumatic (CAP) solutions to replace methane emissions with clean, dry air, will now be able to achieve an even faster return on their investment in less than twelve months.
“Methane is a powerful greenhouse gas, and we congratulate the Government of Alberta on adjusting its GWP,” said Ory Zik, CEO of Qnergy. “The province is leading the way in reducing methane emissions, already achieving a 34% reduction. Producers, specifically oil and gas operators, can now achieve immediate payback on instrument gas systems.”
About Qnergy: Qnergy (q-ner-gy) transforms unrefined methane from the source and waste gas into clean, reliable electricity, using our world-leading free piston Stirling engine generators. Proven and predictable, we deliver continuous, 24/7 power, maximizing our customers’ performance and peace of mind in even the most remote and harsh environments. Customers value our minimal maintenance requirements, high performance, and lower total cost of ownership compared to competing alternatives. Major international energy companies trust Qnergy to help achieve their emission reduction goals. For more information: qnergy.com