New Energy World™
New Energy World™ embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low-carbon technologies.
Escalating action to reduce methane emissions in the oil and gas industry
26/4/2023
6 min read
Feature
Annual methane emissions from fossil fuel operations rose to over 120mn tonnes in 2022; to date they are estimated to account for around 30% of global warming since the Industrial Revolution. But the International Energy Agency estimates that 80% of the options to reduce the industry’s emissions could be implemented at no net cost. Here, Julien Perez, Vice President of Strategy & Policy at the Oil and Gas Climate Initiative (OGCI), discusses this preventable problem.
Mitigating methane (CH4) emissions can have a huge impact in the fight against climate change. Methane is responsible for more than a quarter of anthropogenic global warming. It has a global warming potential (GWP) 80 times more powerful than that of CO2 over a 20-year timeframe. Whilst it is relatively short-lived, dissipating after approximately a decade, it breaks down into water vapour and CO2 – the latter of which can last in the Earth’s atmosphere for 300–1,000 years.
‘Tackling methane is the fastest, most effective way to reduce near-term warming and keep 1.5°C within reach.’
These words, spoken by US Special Presidential Envoy for Climate John Kerry at the closing of COP27 in 2022, were supported by the establishment of the Global Methane Pledge. The pledge is an agreement signed by 150 countries that calls for a 30% cut in methane emissions from all sectors by 2030.