According to the IEA's Global Methane Tracker, the oil and gas industry could reduce greenhouse gas emissions while still making a sizeable profit from the energy crisis
A recent IEA (International Energy Agency) study 'Driving Down Coal Mine Methane Emissions: A egulatory Roadmap and Toolkit' has found that despite high energy prices, supply security difficulties, and economic ambiguity, methane emissions were not sufficiently reduced in 2017.
According to the IEA's most recent Global Methane Tracker update, the world's energy sector released 135 million tonnes of methane into the atmosphere in 2022, just a little less than the record highs observed in 2019. Now, the second largest contributor to human-caused methane emissions, the energy sector, is responsible for around 40% of all emissions.
The tracker has revealed India’s estimated total emissions to be 29 667 kt (kiloton). Its share in global emissions stands at 8.3%. It has identified agriculture as the largest emissions source and its share of emissions from the energy sector are 17 per cent. Around 53 per cent share of emissions could be avoided at no net cost.
The press release states that around 30% of the increase in global temperatures during the Industrial Revolution can be attributed to methane. Although it disappears more quickly than carbon dioxide, it is a considerably more potent greenhouse gas while it is present. One of the most efficient methods to slow global warming and boost air quality in the near future is to reduce methane emissions. The study for this year also discusses steps to reduce methane emissions from coal mines by half.
"Our new Global Methane Tracker shows that some progress is being made but that emissions are still far too high and not falling fast enough – especially as methane cuts are among the cheapest options to limit near-term global warming. There is just no excuse,” said IEA Executive Director Fatih Birol.
With current technology, methane emissions from oil and gas alone could be cut by 75%, illustrating a lack of industry action on a problem that is inexpensive to solve. The $100 billion investment in technologies required to achieve this decrease would only require 3% of the profits made by oil and gas firms globally last year.
The latest study shows that the most effective step that nations can take to reduce emissions is to stop all methane flaring and venting that is not necessary in an emergency. Now, oil and gas operations lose about 260 billion cubic metres (bcm) of methane to the atmosphere yearly. With the help of tried-and-tested policies and technologies, three-quarters of this could be kept and commercialised. The amount of methane that would be caught would be greater than the total annual gas imports from Russia that the European Union made before the invasion of Ukraine.
According to the report: Satellites are providing an ever-clearer picture of methane emissions and greatly increasing the world’s knowledge of emission sources. The IEA’s Global Methane Tracker incorporates their latest readings along with data from other science-based measurement campaigns. In 2022 alone, more than 500 super-emitting events were detected by satellites from oil and gas operations and a further 100 were seen at coal mines.
Together with reducing coal usage, the paper emphasises the best approaches to reduce methane emissions from coal mines. A top priority should be given to implementing mitigating measures, especially given the likelihood that coal demand will stay high in the upcoming years.
In an effort to limit emissions of the methane produced in coal mines, the IEA has created a new regulatory roadmap and toolkit. This is in line with other papers on oil and gas that have become the "go-to" sources for regulators and policymakers wanting to create new, effective methane laws.
By uniting states on this problem, the Global Methane Commitment, which was introduced in November 2021 at the COP26 Climate Change Conference in Glasgow, marked a significant advancement. Currently, the promise has about 150 signatories who have all agreed to cut human-caused methane emissions by 30 per cent by 2030. This covers emissions from industries including agriculture and energy. Currently, the pledged nations are responsible for 45% of the methane produced by fossil fuel operations and 55 per cent of all human-related methane emissions. It suggests that participants must develop realistic strategies and actions to lower their own emissions while According to the IEA's Global Methane Tracker, the oil and gas industry could reduce greenhouse gas emissions while still making a sizable profit from the energy crisis.