The Well Done Foundation (WDF), a nonprofit organization dedicated to capping orphaned oil and gas wells across the United States, has introduced an innovative offering: insured high-integrity carbon credits backed by reinsurance from France’s AXA (EPA: CS).
This initiative, developed in partnership with AgriCap Group, is a first in the voluntary carbon market, ensuring the authenticity, reliability, and permanence of carbon credits, WDF said in a statement on Wednesday.
Through the Insured Carbon program, WDF provides carbon credits generated through methane sequestration from capping orphaned wells.
These credits undergo stringent validation and verification audits by third-party auditors and carbon registries, guaranteeing their integrity from creation to retirement, with coverage lasting up to 20 years.
Curtis Shuck, Founder and Chairman of WDF, stated, “This groundbreaking initiative not only ensures transparency and reliability for our carbon credit buyers but also reinforces our commitment to solving two critical challenges: addressing climate change and mitigating the environmental impact of orphaned wells.”
The partnership with AgriCap Group sets a new standard for accountability and innovation in carbon markets, he added.
Relevant: Well Done Foundation Goes To Market With Certified High-Integrity Carbon Credits
Key features of the Insured Carbon program include:
- High-Integrity Credits: Buyers receive insured carbon credits of exceptional quality, meeting rigorous standards for authenticity, permanence, and exclusivity.
- Robust Validation: Third-party audits ensure the credibility of each carbon credit.
- Comprehensive Insurance: The credits are protected against risks such as devaluation or invalidation, with additional reinsurance support.
- Blockchain Integration: Each credit is minted as a financial asset, enabling efficient ownership transfer and enhanced transparency.
This initiative represents a market-based solution to addressing climate challenges and mitigating the impact of abandoned wells while setting a benchmark for reliability in the carbon credit market.
