“As UNEP’s recent Emissions Gap Report showed, the world is far off track to keep climate change to 1.5°C,” said Inger Andersen, Executive Director of UNEP. “Companies are making progress, but they must move faster and harder. We need more companies to act, and they must be bolder”, she added.UNEP explains that while a rapid transition away from fossil fuels is the ultimate goal, it is also important to curb methane emissions during the transition. To keep the average temperature increase at 1.5°C, the world needs urgently to reduce methane emissions by about a third, according to the latest Intergovernmental Panel on Climate Change (IPCC) Assessment Report published in April 2022.
© Unsplash/Juniper Photon
Oil and Gas Methane Partnership
Fossil fuels emit air pollutants that are harmful to both the environment and public health. Unsplash/Appolinary Kalashnikova Yet, total emissions from this year’s reporting by OGMP 2.0 member companies are 1.3 million tons of methane for both operated and non-operated assets. This represents a large discrepancy between the estimates of global industry emissions and the proportional share reported by partnership’s member companies. The report, compiled by the International Methane Emissions Observatory, an independent entity launched in 2021 to integrate data and track progress against commitments from companies and governments, indicates that while more companies are now part of a large effort to reduce methane, further progress is needed to reliably quantify industry emissions. Sixty members are on the programme’s “Gold Standard” pathway – having committed in their implementation plans to sequentially improve the quality of their reported data – and are showing progress in moving towards measurement-based estimates of methane emissions. But reducing methane emissions does not reduce the urgency of transitioning away from fossil fuels.
Although the quality of reported data has improved, the agency warns that the majority of assets are not yet reporting measurement-based emissions, and a significant amount of assets non-operated by OGMP 2.0 member companies haven’t been reported yet.
The importance of reducing methane emissions
At the upcoming UN Climate Change Conference COP27, to be held in Sharm El-Sheikh, Egypt in November 2022, the Observatory will launch the first iteration of its public “data to action” platform, the Methane Alert and Response System (MARS). Slashing emissions of methane is the single fastest way to tackle climate change in the short term, says UNEP, as the greenhouse gas remains in the atmosphere for far fewer years than carbon dioxide. Meanwhile, recently published studies set the estimate for total global methane emissions from the industry at 80-140 million tons per year, while the International Energy Agency’s (IEA) methane tracker estimates emissions at the lower end of this range. © Unsplash/John Bakator That aims to bring about a reduction of global methane emissions by 30 per cent, by 2030.
Methane bubbles trapped in ice.
The Observatory
The lack of reliable emissions data has made it hard for governments to carry out targeted action at the scale and speed needed to achieve the objectives of the Global Methane Pledge (GMP) launched during the UN Climate Conference COP26 last year by over 120 countries. “Looking at the bigger picture, the best way for the oil and gas industry to end methane emissions, and all emissions, is to rethink entirely their roles as energy companies. Clean energy, like wind power, is a key element in reaching net zero emissions. The International Methane Emissions Observatory is creating the world’s first global public database of empirically verified methane emissions, starting with the fossil fuel sector, at a level of granularity and accuracy never achieved before. The report covers the second year of progress of the Oil and Gas Methane Partnership 2.0 (OGMP 2.0), UNEP’s flagship mechanism to help companies target mitigation actions and allocate capital efficiently. “To reduce methane emissions, we need to know more. Who is emitting, where, and how much? What you do not measure, does not get addressed,” said Kadri Simson, European Commissioner for Energy. They include livestock (responsible for 33 per cent of methane emissions), oil and gas, waste and landfills (over 20 per cent), coal mining (12 per cent,) and rice cultivation (nearly 10 per cent). However, twelve member companies are not on track: two lost their Gold Standard status compared to last year, seven did not achieve it either year, and three companies reporting for the first time in 2022, did not achieve it.
