The hottest year on record. Rising seas. Old diseases spreading to new parts of the world. Every continent is feeling the impact of climate change, intensifying calls for urgent action.
For our response to be effective, we must have short- and long-term greenhouse gas reduction strategies.
Goal: European countries and companies have made strong commitments to reduce methane emissions, consistent with achieving a 45% global reduction by 2025
Methane is a short-lived pollutant, with a powerful effect on warming over a few decades. In fact, scientists say that methane accounts for about 25 percent of today's warming.
Globally, the fossil fuel industry is the largest single source of human-caused methane emissions, with the oil and gas industry responsible for the lion’s share. Emissions are projected to rise—particularly in parts of the world where natural gas use is well established and poised for growth. The EU-28 is the second largest consumer of natural gas after the United States and is the largest importer of natural gas globally.
Yet, reducing methane across the entire global oil and gas supply chain remains the simplest, lowest cost, pollution reduction strategy that we have to slow down the rate of warming today.
// Break new scientific ground through studies with European-based research organisations and companies to improve measures to deal with the methane challenge.
// Activate and partner with leading financial institutions to underscore the business imperative for methane action.
// Embed methane standards in the climate agendas of key European countries in coordination with local partners.
// Collaborate with forward-thinking, European-headquartered oil and gas majors to pursue solutions that make sound methane management the new leading practice.
Europe will continue to depend on natural gas as a major source of energy as we continue to move towards a low carbon future. The production, transportation and consumption of oil and natural gas brings with them varying levels of emission of the potent greenhouse gas, methane. Methane emissions from the EU’s oil and gas industry have a short-term climate impact equivalent to 30 coal-fired power plants.
The net result would have the same short-term climate benefit over 20 years as closing one-third of the world’s coal-fired power plants.
