Page 9 - NorthAmOil Week 25 2022

NorthAmOil POLICY NorthAmOil

The oil and gas
sector contributes
around a quarter of all
anthropogenic methane
emissions as a result
of flaring, venting and
leaking.

US-EU launch pathway to curb emissions

US-EU THE US, the EU and 11 countries have launched today,” the US-EU statement read. “Participat-
the Global Methane Pledge Energy Pathway, in ing countries commit to support these efforts by
an effort to drive reductions in methane emis- providing new technical and financial resources
sions from the oil and gas industry. and/or by enhancing domestic project and pol-
The pathway builds on the Global Methane icy action.”
Pledge (GMP), involving the US and EU and 118 The other inaugural members of the pathway
other countries that have set a target of reducing are Argentina, Canada, Denmark, Egypt, Ger-
anthropogenic methane emissions by at least many, Italy, Japan, Mexico, Nigeria, Norway and
30% by 2030 from 2020 levels. Recent additions Oman.
to the pledge include Egypt, Kosovo, Moldova, Countries and supporting organisations Attention is
Oman, Qatar, Saint Lucia, Trinidad and Tobago, that have joined the pathway have committed
and Uzbekistan. $59mn in dedicated funding and in-kind assis- increasingly
In a joint statement on June 17, the US and tance. This includes $4mn to support the World
the EU noted that the oil and gas sector con- Bank Global Gas Flaring Reduction Partnership shifting to
tributes around a quarter of all anthropogenic (GGFR) and $5.5mn towards the Global Meth-
methane emissions as a result of flaring, vent- ane Initiative. Up to $9.5mn will come from emissions of
ing and leaking of the greenhouse gas (GHG). the UNEP International Methane Emissions methane, which
The two sides noted that more than 250bn cubic Observatory to support scientific assessment of
metres of natural gas was flared, vented or leaked methane emissions and the mitigation potential is far more potent
in 2021, which exceeds the output of the world’s in the oil and gas industry. Up to a further $40mn
third-largest producer. annually will come from the philanthropic a GHG than CO2..
The battle against climate change has tradi- Global Methane Hub to support mitigation in
tionally focused largely on curtailing CO2 emis- the sector.
sions, but attention is increasingly shifting to “These funds will be critical to improve
emissions of methane, which is far more potent a methane measurements in the oil and gas sec-
GHG than CO2 but has a much shorter lifespan tor, identify priority areas for methane mitiga-
in the atmosphere. This means that reductions tion, develop technical assessments for project
in emissions now can have a significant impact development, strengthen regulator and oper-
in the nearer term. ator capacity, support policy development and
The pathway’s stated aim is to “accelerate enforcement, and other essential activities to
deployment of the fastest and most cost-effec- achieve reductions in methane emissions,” the
tive methane mitigation solutions available statement read.™

Week 25 23•June•2022 www. NEWSBASE .com P9