Kickstarting VCM crediting for orphan oil wells
Recent project approvals have yielded millions of carbon credits linked to the plugging of the US' abandoned wells
After an unexpectedly slow start, voluntary carbon market (VCM) credit issuances are getting underway for plugging orphan oil wells. Having the credits in hand will now let developers educate and get feedback from buyers and others in the ecosystem, a critical step in establishing the activity as a credible and attractive source of carbon offsets. The context and benefit of carbon crediting for plugging orphan wells has been clear for some time. There are an estimated 3.4m orphan and abandoned wells in the US, with CO₂e emissions of 7–20mt/yr (approximately equivalent to the emissions of 2–5m cars). Plugging oil wells also improves air quality, decreases groundwater contamination, improves p
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Recent project approvals have yielded millions of carbon credits linked to the plugging of the US' abandoned wells
