👀 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."

Qatar Energy and ConocoPhillips announced a deal Tuesday to provide up to 2 million tons of LNG annually to Germany for 15 years starting in 2026, Ben writes.

Why it matters: The agreement announced in Doha comes as European nations are scrambling to replace reduced Russian gas flows.

Bloomberg points out that while it's a small share of what Germany once got from Russia, it's important because "the global LNG market is increasingly competitive" as Europe and Asia compete for cargo.

What's next: More deals between the Qatar and Germany and their energy companies could be in the offing.

The big picture: The Energy Information Administration has a helpful new primer about European efforts to boost import infrastructure.

• The EU and U.K. are slated to expand import capacity by 34% by 2024 compared to last year's levels.
• Much of the growth will come via floating re-gasification and storage terminals, including several Germany is developing.

There are plenty of forces shoving oil prices around these days — moves to isolate Russia, OPEC+ decisions and more — but don't sleep on COVID and China, Ben writes.

Driving the news: Crude prices are pointing north again this morning, and multiple outlets attribute that to signs that China — the world's second-largest oil consumer — may tweak its COVID policies after drastic lockdowns that dent demand.

• The global benchmark Brent crude is up almost $2 per barrel into the high $84 range, while the U.S. prices are also higher after hitting their lowest levels since 2021 yesterday.

Zoom in: Reuters has more on today's moves and Axios' Matt Phillips has a nice look into what's been moving prices generally downward in recent weeks.

Elsewhere on our oil radar...

📝 The Interior Department is out with draft rules to cut down on leaks and burning (or flaring) of methane at oil-and-gas production sites on federal and tribal lands, Ben writes.

• Why it matters: Methane is a powerful planet-warming gas and officials are keen to minimize its direct escape and flaring, which produces CO2 emissions.
• Zoom in: Interior said that between 2010 and 2020, venting and flaring from onshore federal and Indian leases averaged an estimated 44.2 billion cubic feet per year, "enough to serve roughly 675,000 homes."

🇦🇪 "The United Arab Emirates’ main energy company will boost investment to $150 billion over the next five years, speed up an increase in oil-production capacity and list some of its natural gas business," Bloomberg reports on new moves by Abu Dhabi National Oil Co.

☀️ 14 percent, the share of installed U.S. solar capacity stemming from corporate installations and procurement, per new data from the Solar Energy Industries Association, Ben writes.

• Why it matters: Purchases by tech giants, retailers and others are an important driver of renewables adoption. The top companies are shown above.

🔌 Less than 1 percent, EVs' 2021 share of the 2.9 trillion vehicle miles driven last year, per Energy Department analysis.

• Why it matters: It's a data point that underscores why the rapid growth of EVs is still displacing a relatively small amount of oil.
• Yes, but: Those 19 billion electric-powered miles driven last year were still a very sharp rise over 2020, and EV sales are growing again this year.

💰$2 billion, the amount Shell is paying for Denmark-based Nature Energy, which produces gas from agricultural, industrial and household wastes.

• Why it matters: The deal for Europe's largest producer of these gases is a sign of oil majors' moves to diversify into lower-carbon sources.

🔋$20 million, the new finance from the Canadian government for Alberta's E3 Lithium to support its technology development and testing.

• Why it matters: Lithium is a key input for EV batteries. Countries are racing to snag the geopolitical and economic advantages of the growing EV supply chain.

"We've already had several requests from clients that may have pieces in museums, requesting that they are stowed away."

That's from Reuters' wider look at the fallout from activists throwing soup and other substances at paintings to push for climate action. (H/t to Semafor Climate.)