The increased global focus on emissions reduction has made MRV—Measurement, Reporting, and Verification—a familiar acronym in the natural gas sector.
But what does it mean in practice? MRV refers to a systematic approach to measuring, reporting, and verifying greenhouse gas emissions. It’s designed to ensure claims on emissions are accurate and independently verified by a trusted third party. MiQ provides an MRV standard for market participants and regulators seeking transparency on methane emissions. This standard, combined with digital certificates to ensure traceability, means there is already a solution.
MiQ’s certification provides a universal language for measuring methane emissions from natural gas assets, quantifying emissions intensity in g/MMBTU. This standardization is vital because oil and gas is a global market and all participants, wherever they are in the world, need to speak the same language—just as they do with the API gravity of crude oil, a benchmark created in 1921 and now universally adopted by traders worldwide. As the global market moves towards transparency on emissions, MiQ offers a similar framework that can be the international standard, ensuring clarity, consistency, and trust across the supply chain.
The benefits of adopting MiQ as a global MRV standard are clear. First, it’s a proven solution, with over 20% of the U.S. natural gas supply already certified by MiQ. Second, it’s ready for global deployment and can streamline and standardize methane emissions management worldwide. The MiQ standard corresponds to the level 4 and 5 requirements of the Oil and Gas Methane Partnership’s (OGMP) comprehensive reporting framework
Furthermore, by adopting MiQ’s approach, natural gas producers, transporters, buyers, and regulators can converge around a single, trusted standard, saving the time, cost, and complexity of multiple, potentially conflicting methodologies. For instance, regulators like the European Union can rely on MiQ’s established, transparent system rather than creating new, duplicative standards.
Beyond MRV, MiQ offers an additional benefit: traceability. Through its Digital Registry, a secure digital ledger where all MiQ Certificates are held throughout their lifecycle, MiQ enables market participants and regulators to track methane emissions and reductions at every step of the value chain. The combination of MRV and traceability supports a level of transparency and accountability that’s essential for making meaningful progress on emissions.
Unlike standards that rely on machine learning and blockchain, which are unproven and opaque in methodology to protect patents, and copyrights, profits, MiQ delivers everything that those seeking to adopt MRV need. It’s a fully operational, field-tested, globally scalable solution that can streamline and standardize methane emissions management worldwide. By adopting MiQ’s approach, the oil and gas industry can finally have a global system for emissions management, which is consistent, credible and comprehensive, much like they do for price and quality.