New Delhi: The United States, European Union, and other countries have pledged to enhance their efforts to achieve the goal of reducing the global Methane gas emissions by at least 30 percent by 2030.
To make it happen, the United States, the European Union, and 11 countries launched the Global Methane Pledge Energy Pathway on Friday, to catalyze methane emissions reductions in the oil and gas sector, advancing both climate progress and energy security.
“The oil and gas sector contributes roughly one-quarter of all anthropogenic methane emissions due to flaring, venting, and leaking of methane, which is the principal component of natural gas,” a joint statement by the United States and EU said.
The statement said tackling methane emissions in the oil and gas sector is critical to achieving the Global Methane Pledge target and will also bolster global energy security by preventing the needless waste of valuable gas resources.
To limit warming to 1.5 degrees C and avoid near-term tipping points, the world must rapidly reduce methane emissions in addition to decarbonizing the global energy sector.
Reducing flaring and methane emissions would have the benefit of acting on climate change “simply by capturing gas that would otherwise be wasted due to flaring or methane emissions” they said.
Countries and supporting organizations announced nearly $60 million in dedicated funding to support the implementation of the pathway, according to the statement.
The other inaugural members of the pathway are Argentina, Canada, Denmark, Egypt, Germany, Italy, Mexico, Nigeria, Norway, and Oman, representing half of the global methane emissions and nearly three-quarters of the global economy.
Participating countries that commit to supporting these efforts will be providing new technical and financial resources by enhancing domestic projects and policy action.
Argentina, Canada, Denmark, Egypt, Germany, Italy, Japan, Mexico, Nigeria, Norway, and Oman have joined the United States and the European Union as inaugural members of the Pathway on Friday.
According to an International Energy Agency report released this week, says by reducing methane emissions and flaring from the oil and gas sector can avoid nearly 0.1 degrees C of warming by mid-century.
“Methane mitigation in the oil and gas sector is a necessary complement to renewable energy expansion in advancing global climate progress and supporting energy security,” it said, adding that by reducing the greenhouse gas emissions across the fossil fuel supply chain, the world must also accelerate renewables deployment and energy efficiency to reduce reliance on volatile fossil fuels.
The clean energy transition is the ultimate energy security solution by reducing dependence on volatile fossil fuels.
The International Energy Agency estimates that improvements in efficiency, accelerated deployment of renewables, and other clean energy solutions can free up 350 bcm of natural gas by 2025.
