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Making an Impact with Renewable Fuels Purchases

Making an Impact with Renewable Fuels Purchases

This webinar, hosted by Center for Resource Solutions (CRS), will explore the ways companies can navigate the complicated renewable fuels marketplace to achieve greater climate impact. With case studies of recent transactions from Anew Climate, the first marketer with a Green-e® certified biomethane (also known as renewable natural gas, or RNG) product; insights from the leading industry association, the Renewable Natural Gas Coalition (RNGC); and market health and growth indicators from the Renewable Thermal Collaborative (RTC), this session will help answer your questions and provide a window into the market for voluntary purchases of RNG, including the included environmental attributes and associated renewable fuel certificates (RFCs) associated with each dekatherm of RNG.

Speakers

• Blaine Collison, Executive Director, RTC; and Senior Vice President, David Gardiner & Associates
• Randy Lack, Founder and Head of Portfolio Management, Anew Climate
• Sam Lehr, Policy Manager, RNGC
• Michelle McGinty, Sr. Manager Outreach, CRS

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Transcript

  1. Nongovernmental Organization (NGO)
    creating policy and market solutions to
    advance sustainable energy since 1997.
    • Expert assistance
    • Renewable energy and climate policy
    • Clean Energy Accounting Project (CEAP)
    • Contact [email protected] if
    interested in being involved
    • Renewable Energy Markets annual conference
    • Green-e® certification for suppliers and users of
    renewable electricity, carbon offsets and biomethane
    in the voluntary market
    About Center for Resource Solutions
    PAGE
    2
    © 2023 Center for Resource Solutions. All rights reserved.

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  2. • Biomethane, also
    called Renewable
    Natural Gas (RNG),
    is purified or
    upgraded biogas,
    which is made from
    the decomposition of
    organic material.
    • Double Benefit:
    • Capture methane
    • Displace fossil fuels
    Biomethane
    PAGE
    3
    © 2020 Center for Resource Solutions. All rights reserved.
    Graphic Source: EPA, Landfill Methane Outreach Program (LMOP), Renewable Natural Gas
    https://www.epa.gov/lmop/renewable-natural-gas#:~:text=The%20biogas%20used%20to%20produce,and%20organic%20waste%20management%20operations.

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  3. 1 RFC represents the
    environmental
    attributes of 1
    dekatherm of
    renewable fuel that can
    be paired with gas
    consumption.
    RFCs are essential for
    tracking renewable fuel
    production and delivery
    Renewable Fuel Certificates
    PAGE
    4
    © 2020 Center for Resource Solutions. All rights reserved.
    1 dth
    RFC
    Gas
    Pipeline
    Tracking System
    Producer

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  4. RTC Overview
    Renewable Thermal Collaborative
    October 2023

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  5. The Challenge of Decarbonizing Thermal
    RenewableThermal.org / [email protected] / @Rethermal
    Renewable Thermal: Beyond Electricity
    Facilitated by:

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  6. RenewableThermal.org / [email protected] / @Rethermal
    RTC Members

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  7. RenewableThermal.org / [email protected] / @Rethermal
    RTC Sponsors

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  8. What Is the RTC?
    RenewableThermal.org / [email protected] / @Rethermal
    The RTC is the only global, buyer-led coalition focused on decarbonizing thermal
    energy with renewables.
    We focus our work across the intersecting issues of
    technology, market development, and policy.
    RTC Members (buy-side) and Sponsors (solutions-side) are
    invited to participate in multiple RTC workstreams to:
    • Identify and address barriers;
    • Accelerate solutions;
    • Implement projects and policies.

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  9. What We Do
    Technology Action Plans and Partnerships (TAPPs)
    • Working Groups of members, sponsors, and select
    experts convened to identify barriers and execute
    solutions for these renewable thermal technologies:
    • Green Hydrogen
    • Industrial Electrification
    • Renewable Natural Gas (RNG)
    • Solar Thermal
    • Sustainable Biomass
    • Thermal Energy Storage
    Policy
    • Working Group of members and sponsors; focused on
    U.S. federal policy;
    • Will expand to targeted states.
    Market Development
    • Monthly Community Calls
    • Members, sponsors, and select guests only
    • Annual Summit; October 19-20, 2023 in DC
    • Greenhouse Gas Accounting & Claims Working Group
    • Sector Action Plans and Partnerships (SAPPs)
    • Working Groups of members, sponsors, and
    select experts convened to identify barriers and
    execute solutions for specific sectors;
    • Food & Beverage is first, Chemicals second
    • Additional sectors TBD
    • The Renewable Thermal Vision
    • How do we get from here to there?
    RenewableThermal.org / [email protected] / @Rethermal

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  10. RTC Resources
    Convenings:
    Annual Summit (Oct 19-20, 2023 - Washington, DC):
    https://www.renewablethermal.org/rtc-summit/
    Monthly Community Calls: Second Tuesday, 11a-12p ET
    Working Groups:
    • Electrification, Green Hydrogen, RNG, Solar Thermal
    • Greenhouse Gas Accounting & Claims
    • Policy
    Tools:
    Policy Finder:
    https://www.renewablethermal.org/policy-finder/
    Partner Locator:
    https://www.renewablethermal.org/partner/
    Heat Pump Decision Support Tools:
    https://www.renewablethermal.org/heat-pump-decision-support-
    tools/
    Electrification Road Map (update pending):
    https://www.renewablethermal.org/electrification-road-map/
    RenewableThermal.org / [email protected] / @Rethermal
    Publications:
    Renewable Thermal Vision:
    https://www.renewablethermal.org/vision/
    Case Studies:
    https://www.renewablethermal.org/category/publications/case-
    studies/
    Industrial Electrification:
    https://www.renewablethermal.org/state-electrification-report/
    Green Hydrogen Technology Assessment:
    https://www.renewablethermal.org/gh2-tech-assessment/
    Communications:
    Monthly newsletter:
    https://www.renewablethermal.org/contact-us/
    LinkedIn:
    https://www.linkedin.com/company/renewable-thermal-
    collaborative/

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  11. The Renewable Thermal Vision
    RenewableThermal.org / [email protected] / @Rethermal
    isn Report
    • Full Package
    • Finding a Path Forward for Decarbonizing Thermal Energy in the U.S. Industrial Sector
    • Finding a Path Forward for Decarbonizing Thermal Energy in the U.S. Industrial Sector
    Sectors:
    Cement
    Chemicals
    Food
    Iron & Steel
    Paper
    Refineries
    Technologies:
    CCUS
    Clean Hydrogen
    Electric Heat Pumpts
    Electric Resistance
    Renewable Natural Gas
    Solar Thermal
    Thermal Storage
    Waste Biomass

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  12. Contact Info
    RenewableThermal.org / [email protected] / @Rethermal
    Blaine Collison
    RTC Executive Director
    [email protected]
    202-669-5950
    Sign up for our newsletter at renewablethermal.org

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  13. Making an Impact
    with Renewable Fuels
    Purchases
    CRS Webinar
    10.4.23

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  14. 15
    About RNG Coalition
    • Provide education and policy advocacy on behalf of renewable
    gas industries in North America
    • We advocate for the sustainable development, deployment
    and utilization of renewable gas so that present and future
    generations will have access to domestic, renewable, clean fuel
    and energy
    • 370+ members including: RNG developers, marketers,
    financiers, technology providers, consultants, utilities and labor
    coming together
    • 98%+ of the RNG supply in North America

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  15. 16
    Organic Waste-to-X
    Thermal
    Transportation
    Electricity
    Hydrogen
    Bio-based Products

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  16. 17
    North American RNG Markets at a Glance
    • Enabling policies in 44 states and
    provinces
    • Transportation and thermal
    markets are currently largest
    demand drivers
    • 116 tBtu/yr production capacity
    • 178 tBtu/yr in progress
    • Approaching 1% of total U.S.
    • Potential 9-26% of residential,
    commercial, industrial from AD
    around 2030

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  17. 18
    Denmark/EU Strategies Outline Comprehensive Role for
    Renewable Gas
    • Danish gas system
    current at 39.3%
    biomethane
    • Expects to achieve
    100% biomethane
    around 2035
    • Includes dedicated
    pipelines for renewable
    methane, hydrogen,
    raw biogas, and CO2
    • Denmark is currently
    around 5-6% landfill
    (note this also includes
    incineration for non-
    organic)

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  18. 19
    Renewable Energy Tracking and Certification Underpins
    Procurement
    M-RETS
    • Primary RNG verification system
    • Includes CI, feedstock, vintage,
    location, etc.
    • Voluntary buyers
    • Compliance markets including OR,
    WA CFS, etc.
    Green-e (Center for Resources
    Solutions)
    • Sustainability certification
    • Analogous to Green-e renewable
    power
    • Pairs with M-RETS (optional)

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  19. 20
    Clean Energy Procurement & Reporting
    Compliance Programs
    • Clean fuel standards, renewable gas standards,
    clean heat standards, clean electricity
    standards
    • EU RED II
    • State, provincial, and federal
    Voluntary Buyers
    • Corporations with GHG reduction targets
    • Procurement of clean fuels and clean power
    Clean Energy as a Feedstock
    • RNG used as a feedstock for sustainable
    aviation fuel, biomethanol, hyrodgen, etc.
    • Envisioned by the Inflation Reduction Act tax
    incentive frameworks, procurement programs
    Map of clean fuel standards in North America

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  20. 21
    Carbon Accounting Guidance
    WRI Guidance
    • Biomethane Annex to be removed
    from Land Sector and Removals
    Guidance; final expected late
    2023/early 2024
    • Interim guidance allows
    discretion
    • Commitment to working with
    RNGC and EBA on incorporating
    best practices. Draft 2024/final
    2025
    SBTi
    • Updated FAQs to exclude
    market-based
    instruments for scope 1,
    scope 3
    • Currently accepting
    comments/evidence
    supporting market-based
    instruments
    • RNGC plans to comment;
    working group creating
    draft template

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  21. 22
    Broad Considerations
    • Growing Clean Energy Supply – Market-based instruments are a
    proven and necessary tool for increasing clean energy supply and
    necessary infrastructure
    • Companies’ ability to meet GHG reduction targets will be greatly
    diminished without the ability without GHG accounting frameworks
    that are aligned with procurement methods. These buyers are often
    able to fund nascent technologies
    • Alignment of GHG accounting standards and ubiquitous
    understanding across industry is necessary for uniform reporting, could
    create contradiction with clean energy bought in compliance markets
    • U.S. GHG reporting laws will require companies to report GHG
    emissions

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  22. Green-e®
    Renewable
    Fuels.
    PAGE
    23
    © 2023 Center for Resource Solutions. All rights reserved.

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  23. PAGE
    24
    • Global leader in clean energy
    certification
    • Consumer protection for
    voluntary renewable energy
    purchases
    • Over 110 million MWh in retail
    transactions certified in 2021,
    enough to power 4 out of 5 U.S.
    households for a month.
    Green-e® Certification
    © 2020 Center for Resource Solutions. All rights reserved.

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  24. Tracking Systems:
    • Issue tradable certificates
    • Based on meter data
    • No double issuance for the same dth
    • Review a producer’s existence, licensing,
    capacity, etc.
    Certificates and Certification:
    REC Issuance vs Purchasing
    PAGE
    25
    © 2020 Center for Resource Solutions. All rights reserved.
    Third-Party Certification:
    • Supplemental to a tracking system
    • Assess renewable fuel eligibility based on
    quality criteria such as environmental
    performance
    • No double selling or double claiming
    • Required customer disclosure and
    marketing oversight

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  25. Consumer Credibility. Green-e® is the leading 3rd party verification in
    renewable energy markets. It is recognized by many businesses as the
    gold standard for renewable energy sourcing.
    Risk Reduction. Protects against double counting and claiming, creating
    confidence in clean energy purchases.
    Quality Assurance. Certified renewable energy products meet rigorous
    environmental, sustainability, and marketing claims standards.
    Stakeholder-driven standards. Developed by an Independent
    Governance Board, including important environmental stakeholders such
    as the Union of Concerned Scientists, Natural Resources Defense Council
    (NRDC), and CDP.
    Benefits of Certification
    PAGE
    26
    © 2022 Center for Resource Solutions. All rights reserved.

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  26. PAGE
    27
    Objectives
    • Accelerate the adoption and drive
    voluntary market demand of
    renewable fuels, while ensuring that
    the gas is from sustainable renewable
    resources and meets the highest
    environmental standards
    • Ensure customers are protected in
    their purchase and ability to make
    verifiable usage claims
    Green-e® Renewable Fuels
    © 2022 Center for Resource Solutions. All rights reserved.

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  27. Geography. US and Canada.
    Regulatory surplus. No RINs or LCFS credits for the same dekatherm sold
    in a Green-e® certified transaction.
    Audits. Verification and audit required, ensuring no double counting,
    double selling, or double claiming. Marketing review for required
    consumer disclosures.
    Production Pathways. Fuel Type: Biomethane. Sources of Production: Digester
    Gas, Landfill Gas. Feedstocks for Anaerobic Digestion: Wastewater, Organic
    component of municipal solid waste when separated prior to landfilling, Food
    waste, Vegetative matter, such as yard waste, shrub, or chaparral, Crop residue,
    Animal waste (from farms that are not CAFOs).
    Example Requirements
    PAGE
    28
    © 2022 Center for Resource Solutions. All rights reserved.

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  28. CI Score. Maximum upstream CI must be 10% lower than fossil natural gas
    (9.38 gCO2e/MJ), up to the point of injection into the pipeline
    Example Requirements
    PAGE
    29
    © 2022 Center for Resource Solutions. All rights reserved.
    Carbon Intensity is the amount of greenhouse gas emissions produced during the
    production of a unit of energy. Green-e® Renewable Fuels requires CI to account for
    the production emissions (including leakage) up until the point of pipeline injection .

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  29. Renewable
    Fuels + Carbon
    Offsets
    PAGE
    30
    © 2022 Center for Resource Solutions. All rights reserved.

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  30. • Retire Renewable Fuels Certificates (RFC) for a percentage of natural gas usage.
    • Additionally retire carbon offsets (CO2e) for emissions associated with remaining
    natural gas usage.
    • No change to supply or sources of gas required.
    Optional: Carbon Offset + Renewable Fuels
    PAGE
    31
    © 2022 Center for Resource Solutions. All rights reserved.
    The carbon offsets must be Green-e® Climate certified
    Carbon Offset + Renewable Fuels

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  31. Green-e Climate CONG Participants
    PAGE
    32
    © 2023 Center for Resource Solutions. All rights reserved.
    Carbon Offset + Renewable Fuels

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  32. Green-e® Climate Certification for
    Carbon Offsets
    PAGE
    33
    Greenhouse gas
    emissions
    reduction
    Carbon offset
    project
    •Permanence
    •Additionality
    •Verified
    •Enforceable
    •Real
    Green-e® Climate Endorsed
    Project Level Standards
    Project-level certification
    standards © 2022 Center for Resource Solutions. All rights reserved.
    A carbon offset is a certificate representing the reduction of one metric
    ton (2,205 lbs) of carbon dioxide (or equivalent) emissions
    Carbon Offset + Renewable Fuels

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  33. Green-e Climate Certification for Carbon Offsets
    PAGE
    34
    © 2020 Center for Resource Solutions. All rights reserved.
    No retail oversight leaves room for:
    • Bad Actors (“Boiler rooms”)
    • Fraud and Double Selling
    • Deception
    • Mistakes
    Causing risk for buyer and seller
    Project-level certification
    standards
    Green-e retail certification
    standard minimizes these risks
    and sets quality standards for
    project-level certification
    Carbon Offset + Renewable Fuels

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  34. Coming Soon: Green-e® Renewable Fuels Extensions
    PAGE
    35
    © 2020 Center for Resource Solutions. All rights reserved.
    • Green Hydrogen
    • Goal is to accelerate the adoption of green hydrogen while ensuring:
    • Hydrogen is from sustainable renewable sources
    • Environmental and consumer protection requirements
    • Currently in development with plans to release final standard by Q2 of 2024
    • First stakeholder commenter period: Q4 2023
    • Other Renewable Fuels
    • In the future, plans to include other renewable fuels based on market interest
    and requirements
    Join the Green Hydrogen Working Group to assist in Standard Development.
    Email [email protected] if interested in learning more.

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  35. Contact.
    Michelle McGinty
    SENIOR MANAGER, PROGRAM OUTREACH
    [email protected]
    415.568.4284
    www.resource-solutions.org
    © 2023 Center for Resource Solutions. All rights reserved.

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  36. Confidential and Proprietary www.anewclimate.com
    October 4, 2023
    WEBINAR
    Green-e: Making an Impact
    with Renewable Fuels
    Purchases
    Confidential and Proprietary www.anewclimate.com

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  37. These materials have been provided to you by Anew Climate, LLC
    on behalf of itself and/or its affiliates (collectively, “Anew”
    or “the Company”) at your request and in connection with an
    actual or potential transaction and may not be used or relied
    upon for any purpose, including, without limitation, to form the
    definitive basis for any decision, contract, commitment or action
    whatsoever, with respect to any proposed transaction or
    otherwise. These materials do not constitute an obligation of
    any party to enter into a transaction or investment, and it is
    not a commitment to lend, syndicate a financing, underwrite
    or purchase securities, or commit capital, nor does it obligate
    Element to enter into such a commitment. Anew is not acting
    as a fiduciary to you.
    These materials are solely for informational purposes and shall
    not constitute an offer to purchase or sell, or the solicitation of
    an offer to purchase or sell, any securities. These materials are
    confidential, may not be disclosed, summarized or otherwise
    referred to, in whole or in part, except as agreed to in writing
    by Anew.
    The information provided herein is not all-inclusive, nor does
    it contain all information that may be desirable or required in
    order to properly evaluate the transaction discussed herein.
    The information presented in these materials has been
    developed internally and/or obtained from sources believed
    to be reliable; however, Anew does not guarantee nor makes
    any representation or warranty, express or implied, as to the
    accuracy, adequacy, timeliness or completeness of such
    information or any
    Oral information provided in connection herewith, or any data
    such information generates, accepts no responsibility, obligation
    or liability (whether direct or indirect, in contract, tort or a) in
    relation to any of such information and assumes no responsibility
    for independent verification of such information. Anew and its
    officers, employees and agents expressly disclaim any and all
    liability which may be based on this document and any errors
    therein or omissions therefrom. Without limiting the generality
    of the foregoing, no audit or review has been undertaken by an
    independent third party of the financial assumptions, data,
    results, calculations and forecasts contained, presented or
    referred to in this document. Neither Anew nor any of its officers,
    employees or agents, make any representation or warranty,
    express or implied, that any transaction has been or may be
    affected on the terms or in the manner stated in this document.
    By accepting these materials, you hereby acknowledge that you
    are aware, and that you will advise your representatives that, the
    federal and state securities laws prohibit any person who has
    material, nonpublic information about a company from
    purchasing or selling securities of such a company or from
    communicating such information to any other person under
    circumstances in which it is reasonably foreseeable that such
    person is likely to purchase or sell such securities.
    To the extent such materials include estimates or forecasts of
    future financial performance (including estimates of potential
    cost savings and synergies) prepared by or reviewed or
    discussed with your
    Representatives and/or other potential transaction participants,
    or obtained from public sources, we have assumed that such
    estimates and forecasts have been reasonably prepared on bases
    reflecting the best currently available estimates and judgments of
    such representatives (or, with respect to estimates and forecasts
    obtained from public sources, represent reasonable estimates).
    These materials may include forward-looking statements that
    represent Anew’s opinions, expectations, beliefs, intentions,
    estimates or strategies regarding the future, which may not be
    realized. Any forward-looking statements speak only as of the
    date they are made, and Anew assumes no duty to and does not
    undertake to update forward-looking statements. Forward-
    looking statements are subject to numerous assumptions, risks
    and uncertainties, which change over time. Actual results may
    differ materially from those projected in these materials due to
    factors including, without limitation, economic and market
    conditions, political events and investor sentiments, liquidity of
    secondary markets, level and volatility of interest rates, currency
    exchange rates, and competitive conditions.
    These materials were designed for use by specific persons familiar
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    delete and destroy all copies immediately.
    Confidential and Proprietary www.anewclimate.com | 38
    Disclaimer

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  38. Confidential and Proprietary www.anewclimate.com | 39
    Voluntary RNG market evolution
    1 Anew formed through merger of Element Markets and Bluesource in February 2022.
    First RNG
    delivered by
    Anew1 to
    combined-cycle
    power plant
    First Renewable
    Thermal
    transaction by
    Anew
    GHG Protocol Scope 2
    guidance provides for
    market-based accounting
    for scope 1 emissions
    from RNG
    2008 2015
    M-RETS
    Renewable
    Thermal
    Tracking
    system
    launched
    2019
    RNG delivered by Anew
    for world’s first carbon-
    neutral supply vessel
    First Green-e Renewable
    Fuels certification by
    Anew
    2022
    2020
    GHG Protocol Scope 2
    guidance removes
    market-based
    accounting for scope
    1 emissions from RNG
    2023
    GHG Protocol
    issues interim
    “double negative”
    guidance on
    biomethane
    (RNG)
    2021
    Green-e
    Renewable
    Fuels
    Standard
    launched
    The voluntary RNG market is scaling rapidly – driven by sustainability commitments across many
    industries (i.e., Fortune 500 companies, universities, utilities, etc.) and the acceptance of market-
    based instruments underpinned by credible, transparent tracking and certification programs.

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  39. Confidential and Proprietary www.anewclimate.com | 40
    Voluntary versus compliance RNG markets
    The voluntary market competes with U.S. transportation fuel compliance markets (i.e., RFS, LCFS) for
    limited RNG supply. Alongside price volatility in the RFS, Anew has observed demand for RNG from
    voluntary buyers grow by 6X and average clearing prices increase by ~50% over the past three years.
    1 Total transactions include both Green-e and non.
    0
    5
    10
    15
    20
    25
    30
    35
    $-
    $5
    $10
    $15
    $20
    $25
    $30
    $35
    $40
    $45
    $50
    2021 2022 2023
    RTC Transaction Count (#)
    Daily Value of D3 RNG ($/MMBtu)
    Anew RTC Transactions1 versus D3 RNG value
    Anew Annual RTC Transaction Count D3 RNG Price ($/MMBtu) Average RTC Clearing Price
    2021 2022 2023

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  40. Confidential and Proprietary www.anewclimate.com | 41
    Green-e: Benefits and challenges ahead
    Benefits of certification Challenges ahead for market participants
    § High-quality and transparent supply
    § RNG from waste resources1
    § Exclusions: Behind-the-meter biomethane, waste
    incineration, and animal waste from CAFOs
    § U.S. and Canada
    § Shift from 15 to 5-year look-back period starting in 2024
    § Flexible delivery and rigorous assurance against double
    counting concerns
    § Alignment with M-RETS tracking system
    § Ability to ‘bank’ attributes for future claims
    § Verification and audit required
    § No RIN or LCFS credits allowed for certified transactions
    § Long-term relevance of product due to uncertainty around
    voluntary GHG accounting and reporting principles
    § GHG Protocol’s “double negative” – Annex B removed but
    no guidance provided other than deference to auditor
    § SBTi currently only recognizes direct delivery method
    § Product preferences appear to be at odds with current
    market dynamics
    § Long-term, fixed price structures – but limited ability to
    compete with compliance market pricing, particularly for
    low-CI resources
    § Delayed delivery to meet sustainability targets in
    milestone years – but changes to certification program
    may restrict qualification
    § Scale – but near-term supply constraints are projected in
    nascent RNG industry, particularly if market-based
    instruments disallowed
    1 Municipal, industrial, and commercial wastewater; MSW; food waste; vegetative matter; crop residue; and animal waste

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  41. Confidential and Proprietary www.anewclimate.com | 42
    Case studies from Green-e transactions
    § Pharmaceutical company
    § Converted U.S. manufacturing facility from
    propane to natural gas (trucked CNG) as
    primary fuel
    § Seeking to bundle natural gas (trucked
    CNG) delivery with RNG attributes to
    achieve Scope 1 emission reduction goal
    § Key factors driving transaction:
    § Green-e certification to demonstrate
    the additional third-party review and
    quality standard of the product
    purchased
    § Ability to ‘bank’ attributes and allocate
    over multi-year period following
    transaction
    Case Study 1 Natural gas pipeline system
    Scope 1
    emissions
    Dispensed
    CNG
    Unbundled
    RNG
    attributes
    (tracked via
    M-RETS)
    Scope 1 reduction for
    sustainability
    reporting

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  42. Confidential and Proprietary www.anewclimate.com | 43
    Case studies from Green-e transactions
    Case Study 2
    § Utility
    § Implemented green gas program for
    downstream commercial, industrial and/or
    residential customers
    § Seeking to bundle pipeline delivered natural
    gas with RNG attributes to enable customers
    to access energy from renewable sources
    § Key factors driving transaction:
    § Green-e certification to demonstrate to
    regulators the additional third-party
    review and quality standard of the
    product purchased
    § Ability to purchase a quantity of
    attributes in bulk to be banked and
    used for future program consumption
    Unbundled RNG
    attributes
    (tracked via
    M-RETS)
    Natural gas
    Utility
    Green
    gas
    program
    Renewable energy usage
    claims by downstream
    customers
    Natural gas pipeline system

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  43. www.anewclimate.com | 44
    Randy Lack
    Head of Portfolio Management
    [email protected]
    Thank you

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  44. Q&A
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