{"id":91839,"date":"2023-10-11T23:35:37","date_gmt":"2023-10-11T20:35:37","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=91839"},"modified":"2023-10-11T23:35:37","modified_gmt":"2023-10-11T20:35:37","slug":"report-75-bn-needed-for-methane-emission-abatement-in-oil-gas-sector","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/report-75-bn-needed-for-methane-emission-abatement-in-oil-gas-sector\/","title":{"rendered":"Report: $75 bn needed for methane emission abatement in oil, gas sector"},"content":{"rendered":"

Around $ 75 billion in spending is required to 2030 to deploy all methane abatement measures in the oil and gas sector in the International Energy Agency (IEA)\u2019s net zero scenario as tackling methane emissions is one of the most cost-effective ways to reduce greenhouse gas emissions, according to a recent report.<\/p>\n

Under current\u00a0trajectories, total methane emissions from human activities could rise by up to\u00a013% between 2020 and 2030<\/a>. In a scenario that limits warming to 1.5 \u00b0C, they need to fall by 30% to 60% over this timeframe. Cuts in methane emissions from fossil fuel operations will likely need to provide\u00a0around half of this reduction<\/a>.<\/p>\n

The<\/em>\u00a0Imperative of Cutting Methane<\/a> f<\/a>rom<\/a> Fossil Fuels<\/a>, released t, released by the IEA in partnership with the United Nations Environment Program (UNEP<\/a>), builds on findings from the IEA\u2019s recently updated\u00a0net zero pathway<\/a>\u00a0to limit global warming to 1.5 \u00b0C. It shows that while a drop in fossil fuel demand would cut methane emissions, these reductions by themselves would not occur fast enough to meet the world\u2019s climate goals.\u00a0<\/strong><\/p>\n

Additional targeted actions to tackle methane emissions from fossil fuel production and use \u2013 such as by eliminating routine venting and flaring and repairing leaks \u2013 are essential to limit warming to 1.5 \u00b0C and reduce the risk of crossing irreversible climate tipping points.<\/p>\n

The new report finds that rapid cuts in methane emissions from fossil fuels could avoid up to 0.1 \u00b0C in global temperature rise by mid-century \u2013 greater than the emissions impact of immediately taking all cars and trucks in the world off the road.<\/p>\n

As methane emissions lead to ground-level ozone pollution, immediate action would also deliver public health, food security and economic benefits. Based on modeling of the UNEP\/CCAC Global Methane Assessment published in 2021 \u2013 which, for the first time, assessed and integrated the climate and air pollution costs and benefits from methane mitigation \u2013 methane action would prevent nearly 1 million premature deaths due to ozone exposure, 90 million tons of crop losses due to ozone and climate changes, and about 85 billion hours of lost labor due to extreme heat by 2050. This would generate roughly $ 260 billion in direct economic benefits through 2050.<\/p>\n

The Global Methane Assessment formed the scientific underpinning of the\u00a0Global Methane Pledge<\/a>\u00a0(GMP) by illustrating that there are readily available measures to achieve its goals.<\/p>\n

\u201cReducing methane emissions from the energy sector is one of the best \u2013 and most affordable \u2013 opportunities to limit global warming in the near term,”\u00a0IEA Executive Director Fatih Birol\u00a0said. \u201cEarly actions by governments and industry to drive down methane emissions need to go hand-in-hand with reductions in fossil fuel demand and CO2<\/sub>\u00a0emissions. This report sets out the clear case for strong, swift action.”<\/p>\n

\u201cCutting methane doesn\u2019t let us off the hook to make good on the just energy transition. But cutting methane is a low hanging fruit while we work on the overall decarbonization of our economies in tandem with supporting our societies to build greater resilience. Investments in maintenance and operational changes that prevent methane from leaking into the atmosphere are a fraction of profits made from fossil fuels. This is in stark contrast to the cost of inaction, from crop productivity losses, to impacts on human health and the economy\u201d said\u00a0Inger Andersen, Executive Director of UNEP.<\/p>\n

\u201cWe know what to do, we have the means to do it,\u201d she added. \u201cThere is a support-system in place to help countries develop roadmaps, policies, and regulations, and to provide countries and companies with credible data to drive emissions reductions. We must do it now.\u201d<\/p>\n

\n","protected":false},"excerpt":{"rendered":"

Around $ 75 billion in spending is required to 2030 to deploy all methane abatement measures in the oil and gas sector in the International Energy Agency (IEA)\u2019s net zero scenario as tackling methane emissions is one of the most cost-effective ways to reduce greenhouse gas emissions, according to a recent report. Under current\u00a0trajectories, total […]<\/p>\n","protected":false},"author":410,"featured_media":91840,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13331,984],"tags":[6325,7234,8050,14518],"yoast_head":"\nReport: $75 bn needed for methane emission abatement in oil, gas sector - Csr Egypt<\/title>\n<meta name=\"description\" content=\"Around $ 75 billion in spending is required to 2030 to deploy all methane abatement measures in the oil and gas sector in the IEA\u2019s net zero scenario\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/csregypt.com\/en\/report-75-bn-needed-for-methane-emission-abatement-in-oil-gas-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Report: $75 bn needed for methane emission abatement in oil, gas sector - 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