Riyadh: Major Drop Expected in Global Methane Emissions from Energy Sector
A recent report predicts a significant decrease in global methane emissions from the energy sector, following a peak in 2023. This drop is attributed to new policies and commitments made at COP28.
Key Findings from the IEA Report
The International Energy Agency’s latest study revealed that fossil fuel production and usage led to nearly 120 million tonnes of methane emissions in 2023, a slight increase from the previous year.
Natural gas, responsible for 30% of the temperature rise since the industrial revolution, necessitates urgent reductions in methane emissions to combat global warming and enhance air quality, according to the IEA.
The top 10 emitting countries accounted for approximately 80 million tonnes of methane emissions in 2023, with the US, Russia, and Iran leading the list.
Meeting Climate Goals and Paris Agreement Targets
The IEA emphasized the need for a 75% reduction in methane emissions from fossil fuels by 2030 to align with the goals set in the Paris Agreement. Failure to achieve this target could result in dangerous levels of global warming.
IEA’s executive director, Fatih Birol, stressed the importance of converting commitments into actionable steps to combat climate change effectively.
Financial Investments and Industry Responsibilities
It is estimated that $170 billion in investment is required to implement methane abatement measures in the fossil fuel industry by 2030. Fossil fuel companies are expected to bear the primary responsibility for financing these initiatives.
The UN climate conference, COP28, played a crucial role in garnering commitments from nearly 200 governments and regulatory initiatives from key players in reducing methane emissions.
Industry Initiatives and Satellite Monitoring
Companies in the energy sector have pledged to reduce methane emissions, with initiatives like the Oil and Gas Decarbonization Charter aiming for net-zero emissions by 2050.
The deployment of satellite technology for monitoring gas leaks has proven effective in identifying and addressing methane emissions swiftly.
Conclusion: A Collective Effort to Combat Climate Change
With global awareness and collaborative efforts, there is hope to achieve a significant reduction in methane emissions from fossil fuels by 2030. The energy sector must prioritize sustainability and climate action to safeguard the planet for future generations.