EQT Corporation Partners With Project Canary To Boost It’s ESG Leadership Credentials
Reflecting the rapidly increasing pressure on industrial firms to improve the fidelity, frequency and transparency of their ESG management information, the $4 billion revenue Pittsburgh-headquartered natural gas producer EQT has engaged environmental tech provider Project Canary to support its strategy to produce Responsibly Sourced Gas (RSG). The partnership aligns with the vision of EQT’s President and CEO, Toby Rice, to demonstrate ESG leadership and to differentiate EQT’s natural gas products on the domestic US and international markets.
Project Canary, is the first value proposition focused on improving trust in ESG data that has been launched by International Environmental Standards Corp (IES), a certified B-Corp headquartered in Denver, Colorado. The organization’s mission is to improve the quality of environmental data that is disclosed in ESG reports. Whilst Project Canary is just getting started, it looks destined to have a big impact. The business is led by former Colorado State Senator, Chris Romer and includes Lord Browne, former CEO of BP, on its advisory board.
The Project Canary solution for fugitive methane emissions is composed of the Canary X data collection devices which are installed on natural gas well pads. The Canary X devices collect data on methane emissions every second and transmit the data to a secure cloud database every minute. In addition to the methane emissions data collection, Project Canary will provide EQT with a TrustWell certificate which covers a much broader range of ESG metrics such as aquifer contamination, excessive venting, waste disposal and community engagement. The combined continuous emissions monitoring and TrustWell certification process back up EQT’s Responsibly Sourced Gas value proposition. The focus of the Project Canary team is to provide trusted ESG data.
In addition to the Canary X data collection capability, the Project Canary tech stack includes an “ESG dashboard” to monitor ESG performance across multiple production sites, as well as analytics, event alerts and reporting to improve the level of TrustWell certification. What is the significance of Project Canary? As the name implies, the business is the canary in the coal mine warning the fossil fuel industry that they face an emergency. Unlike a dead canary with beautiful plumage, the firm also offers part of the solution. Project Canary fits within the Verdantix perspective on the future evolution of ESGtech. Firstly, most GHG emissions data is incomplete, estimated and collected too infrequently. Project Canary tackles that issue with continuous emissions monitoring. Secondly, to build an effective ESG information architecture firms need multiple tech solutions targeted at specific operational assets – in this case natural gas well heads. Thirdly, firms need new technology to produce trusted, auditable, investment-grade ESG data. To accelerate its growth, Project Canary should look for partnerships with established environmental management experts at firms like Arcadis, Cority, ERM, Frostbyte Consulting, Golder, Intelex, LinxAS, Locus Technologies, Sphera and VelocityEHS.