First look: A half-dozen companies are unveiling a joint initiative this morning to help verify that carbon capture and sequestration (CCS) projects work as intended, Ben writes.

Driving the news: Environmental data and software firm Project Canary, Denbury Resources — which uses CO2 injections to boost oil recovery — and other partners announced joint work to support “third-party independent environmental assessments and data measurement.”

Why it matters: Carefully tracking the performance of capture, transport and sequestration projects will get far more important if the tech reaches the scale needed to be a strong weapon against climate change.

How it works: Members of the new “collective” plan to harmonize existing frameworks and requirements into a measurement, verification and reporting system that’s applicable to various industries.

  • “We’re not creating another standard. Instead, we’re developing an updated framework to differentiate projects, players, and molecules. CCS is rapidly growing, and we hope federal and/or state regulators will recognize this framework,” Project Canary CEO Chris Romer tells Axios in an email exchange.
  • “Reliable interconnected data will help maximize the efficiency of capital allocation, catalyze market-based solutions, and solidify social license to operate,” the announcement states.
  • Others involved so far include the energy infrastructure firm Enerflex; tech services firm Advanced Resources International; IMA Financial Group; and Wolf Carbon Solutions U.S.

Catch up fast: The new climate law expands tax incentives for commercializing the tech and could drive vastly wider use in the industrial and energy sectors.

The 2021 bipartisan infrastructure law provides additional billions for pilot and demo projects, among other federal support.

What they’re saying: Randy Robichaux, an environmental exec with Denbury, said in a statement that rapid growth of CCS is expected.

  • “We believe it is essential for stakeholders to receive objective third-party verification of the safe and secure storage of CO2 in [enhanced oil recovery] and sequestration sites.”

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