Following new methane initiatives announced at COP28 over the weekend, Environmental Defense Fund Europe provides the following statements and background points. All quotes are attributable to Flavia Sollazzo, Senior Director, EU Energy Transition, Environmental Defense Fund Europe.
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The commitments made at COP28 this weekend could lead to far-reaching climate impacts: 118 countries, including the EU bloc, pledged to triple renewable energy capacity and double the rate of energy efficiency improvements by 2030.
And with all eyes on the oil and gas industry, methane finally took centre stage: World leaders announced new funding of over $1 billion to tackle methane emissions and the U.S. EPA announced strong new methane regulations, following on the heels of the new EU methane regulations agreed just weeks ago.
Most importantly, the oil and gas industry made a significant move: As part of the Oil and Gas Decarbonisation Charter (OGDC), 50 companies responsible for around 40% of global oil production agreed to reduce their methane emissions to 0.2% in production operations, to stop routine flaring by 2030 and to provide full, transparent, independent reporting of emissions using internationally recognized standards. National Oil Companies in Libya, Azerbaijan, Kazakhstan, Nigeria, Saudi Arabia, Norway, and others, all major oil and gas suppliers to the EU, have signed the charter. This complements the recently agreed EU methane regulation which sets rules for methane levels in imported fuels.
“Methane reduction is finally taking centre stage. The pledges made are an important signal and could have a ripple effect across an industry that carries both responsibility and potential for climate action. Cutting methane pollution is our fastest way to avoid the worst climate tipping points, as we shift towards decarbonising our energy systems. The OGDC follows a long effort to get oil and gas producers to act on this low hanging fruit for the climate.”
“It is crucial, however, to recognise that the OGDC, though a step in the right direction, is not a standalone solution. The absence of countries like Russia, Iran, Iraq, Venezuela, and Turkmenistan from the OGDC, highlights the need for more comprehensive, global efforts. The OGDC is a significant piece of a complex puzzle and only one element of a multi-faceted effort needed for worldwide methane emission reduction.
And while words matter, it is essential that action follows. “Ambitious pledges are great at generating headlines, but the real challenge now lies in ensuring global transparency and accountability for methane emissions. History has shown that without effective monitoring, bold climate promises often fall short. To address this, Environmental Defense Fund will lead an accountability partnership with the UN Environment Programme's International Methane Emissions Observatory (IMEO) and the International Energy Agency (IEA), backed by a USD 40 million commitment from Bloomberg philanthropies. Together, we will be watching closely, from earth and space, to ensure that the industry follows through on their promises.”
A key component to this initiative will be MethaneSAT, a highly sophisticated satellite EDF will launch early 2024 that has the unique ability to spot major emission events as well as millions of small sources.
And it sets a strong signal for National Oil Companies, which make up 60% of the signatories of the OGDC: “National oil companies produce more than half of global oil and gas and are responsible for an even higher portion of the total methane emissions linked to the industry. Until now, most of these companies have done little to nothing to address their methane emissions, so bringing them into the methane fold is a meaningful step.”
“Effective methane pollution reduction demands urgent action on every front - through regulatory measures, industry initiatives, and civil society engagement. The EU's agreement of pioneering methane regulations, the U.S.'s bold new standards, and China's first methane action plan mark real progress. But to avoid catastrophic climate tipping points, it's crucial to build on this momentum with ambitious systemic reforms, enhanced commitments throughout the energy industry, and thorough decarbonisation of the entire value chain."
FOR ADDITIONAL INFORMATION:
MEDIA CONTACT:
Flavia Sollazzo (fsollazzo@edf.org)
Anne Visintin (anne.visintin@fourtold.eu)
Available for interviews and further comment:
Flavia Sollazzo, Senior Director, EU Energy Transition, Environmental Defense Fund Europe
Daniel Zavala-Araiza, Senior Scientist, Environmental Defense Fund Europe
--Notes to editors--
The Methane Menace
Methane is a potent greenhouse gas identified as the second-largest contributor to global warming, with a warming potential over 80 times greater than that of carbon dioxide during the first 20 years after it is released into the atmosphere. Atmospheric concentration of methane is increasing faster now than at any time since the 1980s. Methane emissions from human activity are responsible for at least 25% of today's warming. The oil and gas sector stands out as a significant contributor, with methane emissions about 70% higher than official data shows and expected to increase.
About The Environmental Defense Fund in Europe
One of the world’s leading international nonprofit organizations, Environmental Defense Fund (edf.org and edfeurope.org) creates transformational solutions to the most serious environmental problems. To do so, EDF links science, economics, law, and innovative private-sector partnerships. With more than 3 million members and activists and offices in the United States, the European Union, China, India, Mexico, and Indonesia, scientists, economists, attorneys and policy experts are working in 28 countries and across the E.U. to turn our solutions into action. Connect with us on Twitter @EnvDefenseEuro