Oil and gas companies must reduce their methane emissions

Inspenet, December 8, 2023.

In the coming years, oil and gas companies will be forced to reduce their methane emissions , as the European Union, the United States and China take measures to control this gas, which contributes to more than 50% of global warming.

With the aim of accelerating actions to reduce methane and other greenhouse gases, different countries, including the United States, China and the United Arab Emirates, have convened a Summit. Reducing these gases, other than CO ₂ , is recognized as a fast track to mitigating short-term warming and meeting the goal of limiting global temperature rise to 1.5 degrees.

The commitment of the oil and gas companies

The proposal is for the signatory countries of the Paris Agreement to announce their nationally determined contributions for the year 2035, covering their entire economies and all greenhouse gases. This request is presented in the G20 Leaders’ Declaration and reflects commitments previously made by the United States and China in the Sunnylands Declaration.

Since COP27, governments, philanthropic organizations and the private sector have more than $1 billion in new grants aimed at methane reduction, an unprecedented amount that is three times the current annual funding and will mobilize multi-billion dollar investments in various Projects.

It is important to note that methane has played a 30% role in current warming. Meeting the Global Methane Commitment’s goal of reducing methane emissions by at least 30% by 2030 could prevent a rise of more than 0.2 degrees Celsius by 2050, representing the fastest path to cooling global temperatures. significantly.

The United States has announced final regulations to dramatically reduce methane emissions in the oil and gas sector, achieving a reduction of almost 80% compared to projected future methane emissions without such regulations, and is anticipated to reduce the equivalent to 1.5 gigatonnes of CO emissions₂ in the next 15 years.

For its part, the United States plans to implement regulation to evaluate and, if necessary, adjust its emissions standards under the Clean Air Act for both new and existing municipal solid waste landfills. Additionally, in 2024, updates on emissions projections related to municipal solid waste landfills will be published.

Agreement in the European Union

In another vein, the European Union reached a provisional political agreement last November on a regulation aimed at monitoring and reducing methane emissions in the energy sector.

This regulation establishes new requirements for the oil, gas and coal sectors to measure, report and verify methane emissions, as well as implement mitigation measures to prevent such emissions. This includes detecting and repairing methane leaks and restricting venting and flaring.

Likewise, it presents global monitoring tools to ensure transparency in relation to methane emissions from oil, gas and coal imports to the European Union. The Council and Parliament have established specific deadlines and frequencies for monitoring, reporting and inspections of potential sources of methane emissions.

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Source: eleconomista.es