The International Energy Agency (IEA) has warned that methane emissions remain “stubbornly high”. It did so in its “Global Methane Tracker 2023” report, published on Tuesday.
Methane is a major contributor to climate change, as it is responsible for 30% of the increase in global temperature recorded since the Industrial Revolution, the agency notes. Methane dissipates faster than carbon dioxide but has, during its limited lifetime, a much greater climate impact.
“Our new ‘Global Methane Tracker’ shows that progress is being made, but emissions are still too high and not falling fast enough, especially since methane cuts are among the cheapest options for limiting global warming to short term”, emphasizes the executive of the IEA. director Dr Fatih Birol. “There is no excuse.”
The global energy industry was responsible for releasing 135 million tonnes of methane into the atmosphere last year, accounting for 40% of all human-caused methane emissions. That number was only slightly below the record level seen in 2019. Last year, satellites detected more than 500 methane over-emission events from oil and gas operations and another 100 from coal mines. Currently, each year, about 260 billion cubic meters of methane were released into the atmosphere by oil and gas operations.
“The rampant release of methane in fossil fuel production is an issue that sometimes flies under the radar in the public debate,” he noted. “Unfortunately, it is not a new issue and emissions are still very high. Many companies made big profits last year after a turbulent period for international oil and gas markets amid the global energy crisis. Fossil fuel producers need to step up and policymakers need to step up, and both need to do it quickly.”
The oil and gas sectors could reduce their methane emissions by 75% by using existing technologies, the IEA notes. Investing in these technologies would cost oil and gas companies less than 3% of the revenue they raked in last year (or, in numbers, $100 billion in total).
All non-emergency flames (excess gas burning) and methane venting should be stopped. Three-quarters of the methane currently flared or vented could be captured and sold, using tried and tested technologies and policies.
Under the Global Methane Pledge, agreed at the COP26 Climate Change Conference in Glasgow, UK, countries agreed to reduce human-caused methane emissions, including from agriculture and other sources, by like the energy sector, by 30% by 2030. Countries that have joined this commitment are currently responsible for 55% of total man-made methane emissions and 45% of methane emissions from fossil fuels.
