Three worldwide companies have provide you with a brand new framework to measure progress made by oil and fuel firms relating to methane commitments.
The Worldwide Vitality Company (IEA), the UN Atmosphere Programme’s Worldwide Methane Emissions Observatory and the Environmental Protection Fund (EDF) have unveiled a complete new framework to assist and report progress made by oil and fuel corporations in the direction of emissions reductions consistent with the targets set out within the Oil and Gasoline Decarbonization Constitution (OGDC).
The OGDC is a flagship program launched finally yr’s UN local weather talks (COP28) within the United Arab Emirates. Up to now, 54 firms have signed on, the EDF stated in a information launch.
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The brand new framework seems on the detailed plans of oil and fuel firms. This consists of an emphasis on year-over-year enchancment in planning and execution, offering much-needed transparency for monetary establishments, authorities ministries, industrial fuel patrons, non-governmental organizations (NGOs), and the general public, based on the discharge.
The framework outlines that firm reporting ought to comply with protocols within the Oil & Gasoline Methane Partnership. Created by UNEP in 2014 and enhanced in 2020, OGMP 2.0 is the one complete measurement-based worldwide reporting framework for the sector.
Collectively, the IEA, IMEO and EDF will publish an impartial evaluation yearly protecting OGDC signatories and different producers around the globe, monitoring progress towards the brand new metrics. The primary of those scorecards is deliberate for subsequent yr and it’ll assess whether or not firms have the required targets, plans and reporting processes in place, the discharge stated.
Subsequent scorecards will assess the degrees of every criterion, whether or not particular targets are consistent with the OGDC and the necessity to restrict warming to 1.5 levels Celsius, and monitor progress in the direction of established targets.
“To attain steep cuts in methane air pollution, producers should make adjustments now. These investments take years to implement,” EDF President Fred Krupp stated. “This accountability framework will assist guarantee that oil and fuel firms ship the required reductions in time. Nobody can wait till 2030 and wave a magic wand. We have to see progress yearly, with firms exhibiting their work alongside the best way”.
“Latest commitments, such because the OGDC, signify a tangible step ahead for oil and fuel firms seeking to align their operations with the Paris Settlement. Now, firms should rapidly rework their guarantees into motion,” IEA Government Director Fatih Birol stated. “Methane emissions from fossil gas operations are a significant contributor to international warming, and tackling them is without doubt one of the quickest and lowest-cost methods to maintain local weather change in verify. This new initiative will guarantee accountability and transparency throughout all the oil and fuel trade and assist ship significant progress quickly”.
The EDFF stated {that a} whole of 25 metrics will present a complete and clear snapshot of the oil and fuel sector’s progress in assembly its commitments. They cowl emissions reductions and investments in clear vitality, strategies for reaching these targets, and the analysis of how firms publicly disclose and report info related to reaching their OGDC commitments.
The brand new framework is the primary product of an impartial methane accountability initiative launched final yr at COP28. By combining transparency and accountability with cutting-edge information, it goals to make methane emissions from the oil and fuel sector seen and quantifiable, have interaction rising and growing economies to deal with methane leakage in home oil and fuel manufacturing, and push for stronger authorities insurance policies and laws on methane buy and commerce insurance policies worldwide, based on the discharge.
“The warming local weather is harming human well being, meals methods and pure habitats, bringing huge value to societies. Reducing methane emissions is a vital method to cut back these impacts because the clear vitality transition continues,” Inger Andersen, Beneath-Secretary-Normal of the United Nations and Government Director of UNEP, stated. “Progress on these commitments on this decade have to be a high precedence.”
The IEA estimates that oil and fuel operations resulted in near 80 million metric tons of methane emissions in 2023, equal to round 120 billion cubic meters of pure fuel. Methane emissions have remained close to these ranges for over a decade. Additional, almost 150 billion cubic meters of pure fuel was flared worldwide in 2023, the discharge stated.
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