Oil and fuel corporations will not be doing sufficient to chop methane emissions the International Energy Agency (IEA) stated Tuesday, regardless of excessive power costs making abatement measures principally pay for themselves.
In its newest annual International Methane Tracker report, the IEA discovered that emissions from the power sector rose barely final 12 months to 135 million tonnes, to simply under the document set in 2019.
“Our new International Methane Tracker exhibits that some progress is being made however that emissions are nonetheless far too excessive and never falling quick sufficient — particularly as methane cuts are among the many most cost-effective choices to restrict near-term global warming,” stated IEA Government Director Fatih Birol. “There may be simply no excuse.”
Methane is liable for round 30% of the rise in international temperatures because the Industrial Revolution. Because it has a quicker and extra highly effective influence than carbon dioxide reductions, methane emissions might show one of the simplest ways to restrict short-term international warming and quickly enhance air high quality.
The power sector accounts for round 40% of complete methane emissions attributable to human exercise, second solely to agriculture, and cost-effective options can be found.
“We estimate that round 70% of methane emissions from fossil gas operations could possibly be diminished with present know-how,” the IEA stated within the report.
Whereas fossil gas operations are lowering the quantity of methane emitted per unit of power and leaks into the ambiance, general emissions are nonetheless rising.
This regardless of steps to cut back emissions which largely pay for themselves.
“Primarily based on the document fuel costs seen world wide in 2022, we estimate that about 80% of the choices to cut back emissions from oil and fuel operations worldwide could possibly be carried out at no web value,” stated the IEA.
The IEA estimates that $100 billion — lower than 3% of the revenue of oil and fuel corporations worldwide final 12 months — can be sufficient to realize a 75% discount in methane emissions.
In the meantime, the IEA stated probably the most impactful measure nations can take to rein in emissions is stopping all non-emergency flaring and venting of methane.
The IEA additionally famous that the explosions final 12 months which destroyed the Nord Stream pipelines that carried Russian pure fuel to Germany launched an enormous quantity of methane into the ambiance.
“However regular oil and fuel operations world wide launch the identical quantity of methane because the Nord Stream explosion each single day,” it added.
The elevated emissions come regardless of 150 nations having now joined the International Methane Pledge to cut back methane emissions from human exercise by 30% from 2020 ranges by 2030.
The IEA believes that methane emissions from the fossil gas sector must drop by 75% by 2030 to achieve web zero by 2050, the goal seen as giving an opportunity at holding the imply enhance in international temperature at nicely under two levels Celsius as enshrined within the 2015 Paris Local weather Accords.