Rocky Mountain Institute (RMI) and environmental data company Spherical|Analytics have launched a new platform to help the gas and oil industry to accurately measure and visualise global greenhouse gas emissions.
The data and analytics-enabled platform Climate Action Engine will provide quality and real-time climate intelligence data to evaluate whether climate actions are having an impact.
The data will be used to inform planning and action related to reducing methane emissions from the oil and gas industry in the Texas Permian Basin.
The tool is expected to help move capital to support climate mitigation within the oil and gas sector.
Over half of global energy-related emissions come from the production, transportation and use of oil and gas products, according to a statement.
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Of this, 84 million tons per year of methane emissions can be directly attributed to oil and gas production activities.
The platform will leverage data from satellites, aerial vehicles, public and private monitoring stations, compliance reporting and other publicly available inputs and reports.
The Climate Action Engine will:
- Enable oil and gas operators to ensure that they are prioritising emissions reduction initiatives that have the largest methane emissions reduction potential
- Track emissions reduction initiatives to ensure changes before and after their implementation
- Pull together emissions reporting that is aligned with various guidelines such as those stipulated by Taskforce on Climate-related Financial Disclosures (TCFD), Sustainability Accounting Standards Board (SASB), Global Reporting Initiative (GRI), and CDP
- Allow users to explore what-if scenarios such as identifying sub-economic assets under a carbon tax scenario and other climate-related impacts, such as increased floods or hurricanes for stranded assets risk
- Allow synthesis of public and proprietary data to clearly formulate emissions reduction strategies.
Companies including Shell, Origin Energy, Exxonmobil and Chevron will be providing valuable feedback to shape the platform’s outputs and use cases to help identify opportunities to reduce methane emissions that are under operational control in Texas.
Taku Ide, principal at Rocky Mountain Institute, said: “By bringing data, intelligence and people together onto one, single platform RMI is enabling climate solutions for the oil and gas industry that work for the benefit of the climate, companies, countries, and people.
“With extensive connections into a comprehensive and growing ecosystem of climate-relevant data and partners, our hope is that the CAE will grow to be the go-to for high-value insights across all human-made GHG emissions sources, across all geographies.”