Governments, the UN, civil society, and corporations are working together on a strong new system of oversight and disclosure.
In a move to help solve one of the biggest և solvable investors in the climate crisis, key players in the oil and gas industry today agreed to report methane emissions to a new, much higher level of transparency.
“We all need to win the zero-emission race. We need ambitious actions by the oil and gas industry. “UNEP is committed to supporting methane emissions reduction efforts. We welcome the leadership of companies that have joined such an ambitious methane reporting framework,” said UNEP Executive Director Inger Andersen. “We look forward to taking action to translate our commitments into de facto emissions reductions.”
Methane emitted directly into the atmosphere is a very strong greenhouse gas with a heating capacity of more than 80 times carbon dioxide in 20 years. Measures to reduce methane emissions can lead to a short-term reduction in heating rates, complementing efforts to hydrocarbonize the world’s energy and transportation systems while ensuring air quality benefits.
EU Energy Commissioner Kadri Simpson said: “I am just happy to see that the energy industry is taking immediate action on methane emissions. A clear commitment to measuring and controlling emissions is one of the first steps we can take to significantly reduce it, and I’m proud of what we have achieved together. Today’s signature is the first delivery under the Commission’s latest methane strategy. “We need to take many steps to reduce emissions. I hope to work closely with European and international partners to achieve this.”
The Petroleum-Methane Partnership (OGMP) is an initiative of the Climate-Clean Air Coalition (CCAC), led by the United Nations Environment Program (UNEP), the European Commission (EC) and the Environmental Protection Fund (EDF). Already 62 companies with assets on five continents, which account for 30 percent of the world’s oil and gas production, have joined the partnership. The new OGMP2.0 framework is the new gold standard reporting framework that will improve reporting accuracy: Transparency of anthropogenic methane emissions in the oil and gas sector.
“Thank you to 62 companies for their commitment to measure, report and reduce pollution by their core business. “It will be the basis for strong standards in Europe and beyond that will ensure that the oil industry takes action that is urgently needed for our climate,” said Fred Krupp, chairman of the Environmental Protection Fund.
Oil և Gas Methane Partnership 2.0
At the heart of the matter is a comprehensive methane-based reporting framework that will make it easier for officials, investors, and the public to accurately track, compare, and compare performance between companies.
As stated in the EU Methane Strategy, the European Commission intends to develop a legislative proposal on mandatory measurement, reporting and verification of energy-related methane emissions, based on OGMP 2.0.
It is very possible that OGMP 2.0 includes not only the company’s own operations, but also many joint ventures, which are responsible for a significant part of their production. The OGMP 2.0 framework covers the entire oil և gas value chain, not only upstream production but also transportation շակ upstream processing. Refining. Areas with significant emission potential that are not frequently reported today.
The goal is to enable the oil and gas industry to make deep reductions in methane emissions over the next decade in a transparent manner for civil society and governments.
To support the achievement of global climate targets, OGMP 2.0 aims to reduce industry methane emissions by 45% by 2025 and by 60-75% by 2030.
“Reducing methane emissions is a major effort to de-carbonize the industry. As a factor on which we can have a direct և concrete positive impact, OGMP 2.0 offers an internationally recognized project to industry companies that want to improve their emissions reductions at all stages of the value chain. We look forward to continuing to work with all partners involved, as only through cooperation with international organizations, civil society and governments can we achieve our common goals, ”said Claudio Descalci, Executive Director of ENI.
Cost effective solutions
According to the International Energy Agency (IEA), about three-quarters of methane emissions could be reduced by today’s technology, at about half the net cost. 90% reduction in methane emissions in energy sector will shave two tenths of a degree Celsius from the projected increase in the average temperature of the planet until 2050.
A 75% reduction in fossil methane emissions can prevent equivalent emissions of up to 6 gigatons of carbon dioxide per year. Almost ten percent of the planet’s 2019 greenhouse gas emissions, including land use change.
New observatory in the works
UNEP և The European Commission is also finalizing plans to establish an Independent International Methane Emission Observatory (IMEO). IMEO will consolidate and analyze multiple methane emissions data streams, including those reported by OGMP member companies, to accelerate methane emission reductions worldwide. By helping industry և governments report global emissions uncertainties, the Observatory will improve the consistency and reliability of methane emissions data and accelerate mitigation efforts.
Launched at the UN Climate Summit in 2014, OGMP was established by the Climate և Clean Air Coalition (CCAC) as a voluntary initiative to help companies reduce methane emissions from oil and gas. UNEP-led OGMP is the only multi-stakeholder partnership working on methane emissions reporting, providing a protocol to help companies systematically manage their methane emissions from oil and gas exploration, and offering a reliable platform to help member companies demonstrate real cuts in industry stakeholders.
About the UN Environment Program
UNEP is the leading global voice for the environment. It provides guidance և encourages cooperation in caring for the environment by inspiring, informing, enabling nations and peoples to improve their quality of life without compromising the lives of future generations.
About the European Commission
The European Commission is the politically independent executive body of the EU, which is responsible for drafting European legislation and its further implementation. In addition, in order to manage EU policy and to provide EU funding, the Commission protects the interests of the European Union by representing it internationally. The European Green Deal is the cornerstone of the European Commission’s ambition to make Europe the first climate-neutral continent. Consequently, climate and energy goals play an important role in shaping the Commission’s policy.
About the Environmental Protection Fund
One of the world’s leading non-profit organizations, the Environmental Protection Agency (edf.org) is developing transformational solutions to the most serious environmental issues. To do this, the EDF links science, economics, law, and innovative private sector partnerships. With more than 2.5 million members և offices in the US, China, Mexico, Indonesia և EU, EDF scientists, economists, lawyers և policy experts working in 28 countries to implement our solutions.
About the Climate և Clean Air Coalition
The CCAC is the only global civil society partnership of governments, intergovernmental organizations, enterprises, and scientific institutions dedicated to improving air quality, climate protection, and short-term. It implements 11 initiatives հիմնական հատված catalyzes, shares և implements solutions that reduce the rate of warming, improves people’s lives և provides sustainable development for future generations.