UNCTAD urges stronger action to help least developed nations tap into carbon markets
The United Nations Trade and Development (UNCTAD) urged during the 29th United Nations Climate Change ...
140 oil, gas firms committed to reducing methane emissions under OGMP 2.0
- 2024 is the first year that OGMP 2.0 began awarding its “Gold Standard reporting” to companies
About 140 oil and gas companies have committed to credibly measuring and reducing methane emissions under the Oil and Gas Methane Partnership 2.0 (OGMP 2.0) of the United Nations Environment Program (UNEP).
Beyond addressing major emissions seen from space, the systems exist for industry to manage its methane footprint. UNEP’s OGMP 2.0, an initiative for oil and gas companies to measure and reduce their methane emissions. OGMP 2.0 added 20 members over the past year, growing to 140 members covering more than 40 percent of global production.
2024 is the first year that OGMP 2.0 began awarding its “Gold Standard reporting” to companies that report their emissions at the highest data quality levels. So far in 2024, 55 companies have achieved Gold Standard reporting. Moving all companies across the sector to OGMP 2.0 Gold Standard emissions reporting is necessary to effectively target mitigation with measurement-based data and track performance against pledges to reduce emissions, such as the Oil and Gas Decarbonization Charter announced at COP28.
UNEP’s International Methane Emissions Observatory (IMEO) has also launched the Eye on Methane data platform to spark further action. The platform delivers open, reliable and actionable global methane emissions data to drive impactful methane mitigation action by governments and companies, while providing transparent, reliable data to civil society and media.
IMEO is also stepping up its work on methane emissions from other sources with a new Steel Methane Program. Methane emissions from metallurgical coal used in steel production represent on average 30 percent of steel’s near-term climate footprint. These emissions can be mitigated at roughly one percent of the price of steel.
The new program provides a framework for reducing the climate footprint of the steel sector as the industry transitions to green alternatives. the Methane Alert and Response System (MARS) is being expanded to cover metallurgical coal production and identify further mitigation opportunities.
EU Energy Commissioner Kadri Simson said “Methane emissions are a powerful driver of climate change, and the EU is determined to cut down these emissions by 30 percent by 2030. Credible data is essential to achieve the goals of the Global Methane Pledge. As importing markets, like the EU, increasingly demand cleaner fuels and transparency on emissions, UNEP’s IMEO is delivering data that enables informed decision-making and drives accountability. I therefore welcome the comprehensive report that is launched today.”
Parliamentary State Secretary for Climate, German Ministry for Economic Affairs and Climate Action, Stefan Wenzel, said “Methane is a very aggressive greenhouse gas. However, it has one advantage: it is much easier to reduce than CO2. We have to use these low-hanging fruits. As we work towards our ambitious climate goals, we need every tool available to mitigate methane emissions effectively. UNEP’s IMEO is delivering precise, data-driven insights to enable swift action. Germany is committed to supporting these innovative measures, which demonstrate that with the right data, we can achieve substantial reductions and drive global climate progress. It is now up to the polluters to avoid methane slip as far as possible. The techniques for this are available. This is more than indicated in view of the ongoing global climate change.”
Director General, Nigeria Council on Climate Change, Dr. Nkiruka Maduekwe, said “For Nigeria, acting on methane emissions is not just about climate responsibility, but also about local health and sustainable development. Nigeria is proud to partner with UNEP’s IMEO and the European Commission on scientific research to measure emissions across sectors and enable methane action in Nigeria. We are committed to using these insights to further our emissions reduction goals and fulfill our commitment as a Global Methane Pledge Champion.”
Global Methane Hub CEO, Marcelo Mena, said “The data and transparency UNEP’s IMEO provides are invaluable for accountability and action. The Global Methane Hub supports this initiative, recognizing the critical role of reliable data in turning pledges into emission reductions. We need to scale these efforts to bring integrity and independent verification of mitigation claims.”
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