WASHINGTON-The United States and the European Union and 11 other countries launched the Global Methane Pledge Energy Pathway “to catalyze methane emissions reductions in the oil and gas sector, advancing both climate progress and energy security.” “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,” according to a US-EU joint statement released on Friday at the conclusion of the Major Economies Forum on Energy and Climate (MEF).
With the recent additions of Egypt, Kosovo, Moldova, Oman, Qatar, Saint Lucia, Trinidad and Tobago, and Uzbekistan, 120 countries have now endorsed the Pledge, representing half of global methane emissions and nearly three-quarters of the global economy.
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, the statement noted.
The oil and gas sector contributes roughly one-quarter of all anthropogenic methane emissions.
The Energy Pathway is a critical implementation step of the Global Methane Pledge that will accelerate deployment of the fastest and most cost-effective methane mitigation solutions available today.
The GMP Energy Pathway aims to encourage all nations to capture the maximum potential of cost-effective methane mitigation in the oil and gas sector, and Eliminate routine flaring as soon as possible, and no later than 2030.
“Participating countries commit to support these efforts by providing new technical and financial resources and/or by enhancing domestic project and policy action,” the statement reads.
Today, Argentina, Canada, Denmark, Egypt, Germany, Italy, Japan, Mexico, Nigeria, Norway, and Oman joined the United States and the European Union as inaugural members of the Pathway.
Malaysia’s national oil company, PETRONAS, supports the Global Methane Pledge Energy Pathway and other regional and global methane management initiatives towards achieving the intent of the Global Methane Pledge.
Together, the participants in the Pathway account for two-fifths of global gas production and three-fifths of global gas imports.
Countries and supporting organizations announced nearly USD 60 million in dedicated funding to support implementation of the Pathway.
Countries and supporting organizations have announced USD 59 million in dedicated funding and in-kind assistance in support of the GMP Energy Pathway that was announced at today’s MEF.
“In addition, the (UN Environment Program) UNEP International Methane Emissions Observatory will work with partners to launch the first phase of an alert and response system for satellite-detected methane emissions by COP27,” the statement noted. It was referring to the 27th session of the Conference of the Parties (COP 27) to the UN Climate Change Conference (UNFCCC) to be held in Sharm El-Sheikh, Egypt, from 6 – 18 November 2022.
“The EU has so far committed 17 million EUR to support the work of the UNEP International Methane Emissions Observatory and has envisaged further funding in the coming months,” according to the statement.
The Climate and Clean Air Coalition will also support the goals of the Pathway through its Hub on Fossil Energy to reduce methane and other short-lived climate pollutant mitigation in this sector.
Global gas producers announced significant new commitments to develop projects and strengthen policies to cut methane emissions and ensure clean, secure gas supply.
Domestically, the United States is continuing its progress on reducing oil and gas methane emissions across the value chain, supporting American gas companies in cutting emissions and saving consumer costs.
In addition, new funding provided under the Bipartisan Infrastructure Law is enabling the Department of Transportation to spend USD one billion on replacing unsafe and leaking gas distribution pipelines.
The United States also intends to take the steps necessary to rejoin the World Bank Global Gas Flaring Reduction Partnership.
Mexico and PEMEX will advance, with an investment of close to USD two billion of its own resources and international credits at special rates, a comprehensive assessment and implementation of projects and actions translating into a reduction of between 86 percent and 100 percent of methane gas emissions in gas exploration, production and processing processes by 2024.
Mexico joins the United States and the rest of the countries adhering to the proposals for energy implementation of the Global Methane Pledge Energy Pathway to eradicate flaring and methane emissions in the oil and gas sector.
Argentina committed to present its National Climate Action Plan 2030 at COP27 including specific measures that will lead to the limitation of methane emissions from the oil and gas sector, the reinforced control of flaring and venting, and an increase of the share of renewable energy in its electricity generation mix.
Nigeria announced its intention to publish methane regulations in the oil and gas sector by COP27.
Canada is also proud to be one of the founding partners and a top donor to the Climate and Clean Air Coalition, recently contributing an additional USD 10 million over five years to support the Coalition as it enters its next phase.
In addition, Canada has also invested USD 20 million in the (Global Satellite Emissions Monitoring and Intelligence) GHGSat which uses high-tech satellites to detect and quantify methane emissions from point sources as small as individual oil and gas wells.
Germany also announced its participation in the World Bank Global Gas Flaring Reduction Partnership, the statement noted, adding that 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.
Source: Kuwait News Agency