FORT LAUDERDALE, Fla. — ZEFIRO METHANE CORP. (Cboe Canada: ZEFI) (Frankfurt: Y6B) has announced the presale of a portion of its carbon offset portfolio to EDF Trading, a leading player in the international wholesale energy market and part of EDF Group, a global leader in low-carbon energies. Zefiro has expanded its efforts to seal potentially hazardous oil and gas wells and these credits, verified by certified third-party auditors, will be generated from this initiative.
Financial terms of the transaction were not disclosed.
The agreement further establishes Zefiro as a leader in carbon offsets generated by methane abatement, which had its value and efficacy certified by a 2023 American Carbon Registry report. Industry experts currently estimate that there is a great number of abandoned oil and gas wells spread throughout 26 different states, and these sites can potentially leak toxic methane gas 28 times more hazardous than carbon dioxide emissions, diminish air quality, and irreparably harm critical land and drinking water resources.
“For over two years, our team has strived to position Zefiro at the vanguard of the carbon offset marketplace from the reduction of methane,” said Talal Debs, Founder and Chief Executive Officer, Zefiro Methane Corp. “Our emphasis on quality has helped define this rapidly evolving sector, and we are proud to have taken this latest step forward with a firm that has long operated at the leading-edge of the energy commodities space.”
“While carbon dioxide is the more widely recognized threat, methane emissions are responsible for a great portion of global warming today,” said Dr. Thomas Schroder, Head of Environmental Products, EDF Trading. “Sealing abandoned gas and oil wells is a very obvious solution to address this challenge and gives us an opportunity to offer high-quality carbon offsets from methane reduction.”
