Global methane emissions from the energy industry are still at record high levels, despite the money being available in the oil and gas sector to invest in reducing them, according to a new report from the International Energy Agency (IEA) on Tuesday.
Despite the fact that 3% of the global income of oil and gas companies in 2022 would be enough to make the $100 billion investment in technologies required to achieve the required methane emissions cuts, these record high levels persist.
Methane is responsible for about 30% of the global warming increase since the Industrial Revolution, with the energy sector accounting for 40% of total methane emissions attributable to human activity, second after agriculture.
Thus, cutting methane emissions is one of the most effective ways to limit global warming and improve air quality in the near term.
The IEA detailed in the report that methane dissipates faster than carbon dioxide but is a much more powerful greenhouse gas during its short lifespan.
The IEA’s update of its Global Methane Tracker finds that coal, oil, and natural gas operations are each responsible for 40 million tons of emissions, and around 5 million tons of leaks are from end-use equipment.
Around 10 million tons of emissions come from the incomplete combustion of bioenergy.
Total methane emissions in 2022 remained at 135 million tons, slightly below the record highs seen in 2019 and slightly above the levels in 2021.
In the fight against methane emissions, the Global Methane Pledge was launched in November 2021 at the COP26 Climate Change conference in Glasgow. The number of participants committed to reduce methane emissions from human activities by 30% by 2030 is now around 150.
Countries that have joined the pledge currently account for 55% of total methane emissions from human activities and about 45% of methane from fossil fuel operations.
‘It will be critical for participants to formulate pragmatic strategies and measures to reduce their own emissions and to engage with countries that have not yet joined the pledge,’ the IEA said in the report.
According to the report, methane emissions from oil and gas alone could be reduced by 75% with existing technologies, highlighting a lack of industry action on an issue that is often very cheap to address.
‘Less than 3% of the income accrued by oil and gas companies worldwide last year would be required to make the $100 billion investment in technologies needed to achieve this reduction,’ the IEA stressed.
The oil and gas industry benefited from soaring energy prices last year amid the energy crisis, which was exacerbated by Russia’s war in Ukraine.
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‘The untamed release of methane in fossil fuel production is a problem that sometimes goes under the radar in public debate,’ said IEA Executive Director, Fatih Birol.
He added that the new Global Methane Tracker shows that some progress is being made, but 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,’ he reiterated.
‘The Nord Stream pipeline explosion last year released a huge amount of methane into the atmosphere. ‘But normal oil and gas operations around the world release the same amount of methane as the Nord Stream explosion every single day.’
According to the report, stopping all non-emergency flaring and venting of methane is the most impactful measure for countries to reduce emissions.
About 260 billion cubic meters of methane are currently lost to the atmosphere each year from oil and gas operations.
‘Three-quarters of this could be retained and brought to market using tried and tested policies and technologies. ‘The captured methane would amount to more than the European Union’s total annual gas imports from Russia prior to the invasion of Ukraine,’ the report said.
Birol urged fossil fuel producers to step up and policymakers to step in quickly to curtail the stubbornly high emissions, especially given that many companies saw hefty profits last year following a turbulent period for international oil and gas markets amid the global energy crisis.
To limit coal mine methane emissions, mitigation measures need to be a priority, the IEA said, especially given the risk that coal demand remains high in the coming years.
