New Collaboration Will Enable Greater Trust and Transparency in the Tracking, Reporting and Verification of Critical Emissions Data
CAMBRIDGE AND PITTSBURGH, April 3, 2023 – EQT Corporation (NYSE: EQT) and Context Labs today announced the establishment of a strategic partnership to advance the commercialization of verified low carbon intensity natural gas products and carbon credits. The partnership brings together EQT, the largest natural gas producer in the U.S., and Context Labs, an expert in distributed ledger technology, advanced climate data and analytics, machine learning and AI-capabilities.
Through tracking, reporting and verification of critical emissions data, the strategic partnership will support EQT in achieving its industry-leading emissions reduction targets, which include a commitment to reach net zero greenhouse gas (GHG) emissions by 2025.[1] With a focus on emissions quantification, operational analysis and the certification of natural gas production, the companies will work to scale emissions mitigation across the full energy value chain.
Context Labs will provide an enterprise-wide deployment of their Decarbonization-as-a-Service (DaaSTM) platform across EQT’s asset footprint, with the goal of achieving full digital integration of EQT’s emissions data. The resulting creation of certified low-carbon intensity products will add a next dimension to EQT’s already robust and digitally-enabled organization.
Context Labs’ enterprise data fabric platform, DaaSTM, will enable certification and verification of the carbon intensity of EQT’s operating assets, with certificates registered in Context Labs’ CLEAR PathTM Repository. Additionally, the relationship will afford EQT the opportunity to integrate carbon credit projects into CLEAR PathTM in support of generating asset-grade, data-backed carbon credits.
“We have taken decisive actions to cut emissions across our operations. Now, with this specialized data, we can accelerate our path to net zero and reach our goals more efficiently,” said Toby Z. Rice, EQT President and CEO. “EQT and Context Labs are leading the industry in capturing opportunities not just to decarbonize natural gas, but credibly validate our emissions reductions, which is a critical component to ensuring natural gas plays a leading role in the world’s energy evolution.”
“I am thrilled to commence this partnership with EQT to advance our shared mission of accelerating climate change mitigation efforts, while ensuring the continued access to reliable and trusted energy resources around the globe,” shared Dan Harple, Founder & CEO of Context Labs. “This partnership will comprehensively verify the most vital type of data – environmental data – rendering the highest quality, cryptographically secured, asset-grade, transparent certifications and credits available on the market today. Together with Toby Rice’s ambitious leadership at EQT, we will accelerate the global energy transition using empirical, context-driven insights.”
[1] EQT’s net zero goal is based on Scope 1 and Scope 2 GHG emissions from EQT’s production segment operations and based on emissions from assets owned by EQT on June 30, 2021.
About EQT Corporation: www.eqt.com
About Context Labs: www.contextlabs.com
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