Methane emissions cut from fuel operations essential to achieve 1.5°C climate goal – IEA

The Paris-based energy agency said “additional targeted actions” are required to reduce methane emissions emitted during fossil fuel production and operations to limit global warming to 1.5°C above pre-industrial levels.

PHOTO: Aerial view of a coal-fired power station emitting GHG. Getty Images

The International Energy Agency (IEA), in a new joint report, emphasised the importance of adopting technologies to "eliminate routine venting and flaring and repairing leaks" to reduce methane emissions during fossil fuel production and curb global greenhouse gas (GHG) emissions.

Routine venting and flaring refers to the practice of intentionally releasing methane gas into the atmosphere during the production and processing of fossil fuels, such as oil and natural gas. Venting involves releasing methane directly into the air, while flaring involves burning off the methane.

By eliminating routine venting and flaring, companies can prevent the release of methane, which is a potent greenhouse gas.

“Cuts in methane emissions from fossil fuel operations will provide around half of this [GHG emissions] reduction,” the IEA said in the report – The Imperative of Cutting Methane from Fossil Fuels.

The IEA has claimed that current technologies can effectively mitigate over 75% of methane emissions from oil and gas operations.

Around $75 billion is required in investment by 2030, “to deploy all methane abatement measures in the oil and gas sector,” IEA stated. “This is equivalent to less than 2% of the income generated by the oil and gas industry in 2022,” it further claimed.

“Early actions by governments and industry to drive down methane emissions need to go hand-in-hand with reductions in fossil fuel demand and CO2 emissions,” said IEA’s executive director Fatih Birol.

The IEA launched the report at the Middle East and North Africa (MENA) Climate Week 2023, in partnership with the United Nations Environment Programme (UNEP) and the UNEP-convened Climate and Clean Air Coalition (CCAC).

“Cutting methane is a low-hanging fruit while we work on the overall decarbonization of our economies in tandem with supporting our societies to build greater resilience,” said UNEP’s executive director Inger Andersen.

By Aparupa Mazumder 

Please get in touch with comments or additional info to news@engine.online