Leader in Low-Carbon Solutions Earned an A Rating in First ESG Ratings Assessment from MSCI
BKV Corporation today released its 2024 Sustainability Report, detailing the Company’s commitment to developing and scaling carbon reduction technologies and solutions across the global energy market. The report represents the Company’s first sustainability disclosure following its IPO in September 2024.
The report highlights BKV’s progress toward realizing the Company’s “Promise. Deliver. Repeat.” philosophy, including the continued expansion of its carbon capture, utilization, and sequestration (CCUS) business, pioneering new low-carbon solutions, the achievement of social responsibility strategic targets, and the establishment of new sustainability strategic targets across the business. This inaugural report underscores BKV’s advances in building a “closed-loop” pathway to Net-Zero, leveraging its four business lines — natural gas upstream, natural gas midstream, power generation, and CCUS.
Concurrently, the Company announced it received an MSCI rating of ‘A’ (on a scale of AAA-CCC) in its first ESG Ratings assessment as a public company, building on BKV’s years of consistent and transparent sustainability performance and reporting prior to its IPO.
“At BKV, we inspire one another each and every day to build a different kind of energy company, and this report shows that we deliver on our promises,” said Chris Kalnin, Chief Executive Officer of BKV. “I am extremely proud of our team’s determination to push boundaries, adapt, and advance, while ensuring responsible energy solutions for the future. This report reflects our progress, our commitment and our drive to keep moving forward.”
BKV’s sustainability targets achieved in 2024 include:
- A reported 38% year-over-year reduction in Scope 1 and 2 emissions from its upstream and midstream businesses, with a 63% reduction from its 2021 restated baseline, on target with BKV’s commitment to achieving Net-Zero Scope 1 and 2 emissions by the early 2030s and Net-Zero Scope 1, 2, and 3 emissions by the late 2030s.
- The Pad of the Future (POTF) program continues to generate strong returns from a range of clean energy investments, including pneumatic conversions and electrification. To date, the program has reduced estimated annual GHG emissions by 659,000 metric tons of carbon dioxide equivalent (CO2e)
- The continued buildout of BKV’s CCUS business to advance low-carbon solutions.
- In 2024, Barnett Zero, BKV’s inaugural CCUS project, had been operational for over one year, sequestering approximately 173,325 metric tons of CO2e through December 31, 2024
- In June 2024, BKV signed its first CSG contract, marking a significant step forward in delivering a breakthrough solution for Scope 1, 2, and 3 carbon-neutral energy
- Enhanced organizational and operational effectiveness to improve measurement and impact of emissions detection and mitigation.
- Achieved natural gas production meeting the stringent low methane intensity standard of 0.2%, aligning with industry-leading low-emissions benchmarks
- Strengthened collaboration between EHSR, Operations and IT teams to drive cross-functional innovation, including the initiation of Project VADER – Visualization and Automation of Data for Emissions Reporting
- Invested in the workforce and local communities to enhance employee retention, mobility, and safety.
- Introduced the Safety Accolades for Excellence (S.A.F.E.) program, recognizing 50 employees for safety leadership and engagement
- Filled 37% of open positions through internal promotions, supporting employee growth and career development
- Contributed over $160,000 in social investments to support BKV’s local communities, while BKV employees dedicated over 500 hours of community service
- Refreshed our Materiality Assessment, reinforcing sustainability priorities with business objectives.
“The results of the sustainability report we published today, along with our ESG Rating of ‘A’ from MSCI, are indicative of how we operate our business on a daily basis,” said Josh Carlisle, Senior Director of EHSR and Sustainability. “The results reflect our belief that responsible stewardship of existing assets is as vital as pioneering new ventures and technologies. I am proud to work alongside our employees, leadership team, and Board of Directors as we continue to focus on delivering sustainable value for our shareholders.”
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