Energy firms not doing enough to cut methane

Oil and gas companies are not doing enough to cut methane emissions the International Energy Agency (IEA) said Tuesday, despite high energy prices making abatement measures mostly pay for themselves.

In its latest annual Global Methane Tracker report, the IEA found that emissions from the energy sector rose slightly last year to 135 million tonnes, to just below the record set in 2019.

“Our new Global Methane Tracker shows that some progress is being made but that emissions are still far too high and not falling fast enough –- especially as methane cuts are among the cheapest options to limit near-term global warming,” said IEA Executive Director Fatih Birol. “There is just no excuse.”

Methane is responsible for around 30 percent of the rise in global temperatures since the Industrial Revolution. As it has a faster and more powerful impact than carbon dioxide reductions, methane emissions may prove the best way to limit short-term global warming and rapidly improve air quality.

The energy sector accounts for around 40 percent of total methane emissions attributable to human activity, second only to agriculture, and cost-effective solutions are available.

“We estimate that around 70 percent of methane emissions from fossil fuel operations could be reduced with existing technology,” the IEA said in the report.

While fossil fuel operations are reducing the amount of methane emitted per unit of energy and leaks into the atmosphere, overall emissions are still rising.

This despite steps to reduce emissions which largely pay for themselves.

“Based on the record gas prices seen around the world in 2022, we estimate that about 80 percent of the options to reduce emissions from oil and gas operations worldwide could be implemented at no net cost,” said the IEA.