Hello world, meet CarbonPath

Hello world, meet CarbonPath

In the US alone, there are over 3 million abandoned and low-producing oil and gas wells that emit 2 billion metric tons of greenhouse gas every year. To sequester these emissions, a forest the size of Africa and China combined would have to grow for 10 years. There's no denying the magnitude of the problem and we have to act now.

“In the arid flat land of the Midland Basin you can see for miles. What I saw was wellsite after wellsite reaching to the horizon, each identified by the burning light of flaring excess gas from the extraction process.”

Tyler Crabtree, CEO of CarbonPath

CarbonPath is a blockchain-based registry that shuts down low-producing and abandoned oil and gas wells by tokenizing the remaining resources and selling tokens on the carbon markets to finance the shut down of even more wells.

We began by developing a carbon credit methodology called CarbonPath Orphaned and Abandoned Well Carbon Credit Methodology v1 which allows us to we calculate how much carbon is trapped in each well that is shut down. The methodology incentivizes the permanent closure of low-producing, orphaned, and abandoned oil and gas wells. By shutting these wells we ensure that millions of tons of carbon dioxide (CO2) and methane (CH4) stays in the ground and never enters the atmosphere.

Then, we created a carbon prevention token (CPCO2), and each token is equal to one tonne of carbon trapped.

Finally, we created a web3 marketplace that allows people and businesses to buy, sell, and retire our tokens. It takes an average of 6,000 tokens for the land in the wellsite to heal and return to its natural state.

What are the advantages?

Motivating. The system is designed to incentivize the shut down of orphaned and abandoned wells.

Accessible. The web3 marketplace gives people and businesses a tangible way to fight climate change with measurable proof that they're making a difference.

Trustworthy. We leverage blockchain technology to issue carbon credits, ensuring transparency and accountability in the carbon market.

There is no time to waste when it comes to combating climate change, and closing down these old or abandoned wells have the potential to make a significant difference and the next best time to start is now.

Join us!