Eight global energy companies have committed to take further steps to reduce methane emissions from their respective natural gas assets across worldwide.
The initiative includes BP, Eni, ExxonMobil, Shell, Statoil, Total, Repsol and Wintershall, all of which signed a ‘Guiding Principles’ document that includes multiple measures to tackle the growing methane emissions.
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All the energy companies also agreed to encourage all participants within the natural gas value chain to cut potent emissions.
The initiative forms a part of the comprehensive effort to secure natural gas’ role to fulfil energy requirements in a low-carbon future, provided the issue methane emissions is properly addressed.
A potent greenhouse gas, Methane is emitted into the atmosphere during the extraction, processing and transporting of natural gas.
On the initiative, UN Environment’s Energy and Climate Branch head Mark Radka said: “Numerous studies have shown the importance of quickly reducing methane emissions if we’re to meet growing energy demand and multiple environmental goals.
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By GlobalData“The Guiding Principles provide an excellent framework for doing so across the entire natural gas value chain, particularly if they’re linked to reporting on the emissions reductions achieved.”
The Guiding Principles, developed in collaboration with the various agencies, focuses on a continuous reduction of methane emissions; advancing strong performance across gas value chains, and improving accuracy of methane emissions data.
It also endorses the development of transparent policies and regulations on methane emissions.
International Energy Agency World Energy Outlook Supply Division head Tim Gould said: “Our analysis at IEA shows that credible action to minimise methane emissions is essential to the achievement of global climate goals, and to the outlook for natural gas.
“The commitment by companies to the Guiding Principles is a very important step; we look forward to seeing the results of their implementation and wider application.”
