A global first, the marketplace is expected to provide a boost to emissions transparency
World’s first trading platform for certified gas – CG Hub – has been launched with an aim to drive greater emissions transparency in natural gas. Leading global energy producers, traders and buyers who will participate in the ground-breaking platform are soon to be announced, incentivising drastic reductions in global methane emissions.
The CG Hub is run by the cloud-based energy trading platform COMET and the platform has been launched in conjunction with non-profit MiQ which is the fastest growing and most trusted methane emissions certification standard. MiQ is already certifying 15 bcf per day and has 1.2 billion certificates currently available on its digital registry.
As per the official statement by MiQ, this demonstrates the huge potential of certified gas available to trade on the CG Hub and reflects the momentum behind methane certification and its potential to drive meaningful action on climate change.
Georges Tijbosch, Chief Executive Officer at MiQ, said, “While we wait for the world to transition to clean energy, we need to create the infrastructure for the market to deliver change on emissions today.”
The MiQ CEO added, “The Hub will bring transparency and drive demand for certified natural gas by taking it from a niche, bilateral trading ecosystem to a thriving, dynamic marketplace. We are delighted to see so many future-facing businesses working to drive change on global methane emissions.”
As per MiQ, the gas traded on the Hub must have been certified based on its methane emissions, offering for the first time the chance for multiple players to buy and sell this commodity with a true understanding of the emissions impact of each batch.
Certified gas is gas that has been assessed against a credible and transparent standard to provide an honest, data-led grade based on methane emissions. Grading gas based on methane emissions differentiates better performers, assists buyers with integration of this important product into their overall ESG plan, and creates the incentives for market improvements.
COMET has over 250 distinct corporate members who would be eligible to use the CG Hub. Michael Mackey, Chief Operating Officer at COMET, said, “Working with MiQ to develop the CG Hub concept is a major step in opening up the nascent certified gas market that we believe will deliver on the promise of significant methane reduction.”
CG Hub will be providing:
- A centralized Hub (dashboard) for bids and offers all members can view
- The ability to list certification details (level, methane intensity, etc.), attach certificates, all captured in the audit trail
- Notifications to all members when a new deal is posted
- The ability to click to execute or begin a bilateral negotiation
- Receipt of an automated transaction confirmation.
- A comprehensive transaction audit log to help meet a variety of compliance and regulatory standards.
- Best pricing