Oil, gas firms move for better environment via reduced methane emissions

Oil, gas firms move for better environment via reduced methane emissions

Major players in the global oil and gas industry have agreed to conscientiously report methane emissions in a move to tackle one of the biggest contributors to global warming.

The Oil and Gas Methane Partnership (OGMP) is a Climate and Clean Air Coalition (CCAC) initiative led by the United Nations Environment Programme (UNEP), European Commission (EC), and the Environmental Defence Fund (EDF) to assist companies to reduce methane emissions in the sector.

Managed by UNEP, OGMP is the only multi-stakeholder partnership working on methane emissions reporting and provides a protocol to help firms systematically manage their methane emissions from oil and gas operations and offers a credible platform to aid members in achieving the set goals.

Already, 62 companies with assets on five continents, representing 30 per cent of the world?s oil and gas production, have joined the team.

The OGMP2.0 framework is a new gold framework that would improve accuracy and transparency in anthropogenic methane emissions industry-wise.

At the core of the effort is a comprehensive measurement-based guideline that makes it easier for officials, investors, and the public to accurately track and compare productivity across companies in ways yet unattainable before now.

According to the International Energy Agency (IEA), approximately three-quarters of methane emissions could be reduced with the technology that exists today, and close to half at zero net cost.

?To win the race to net-zero emissions, we need everyone on board. We need ambitious action from the oil and gas industry. UNEP is committed to supporting efforts that reduce methane emissions, and we recognise the leadership of companies that have joined such an ambitious methane reporting framework,? UNEP Executive Director, Inger Andersen, said.

We look forward to seeing actions that turn commitments into actual emissions reduction,? UNEP Executive Director, Inger Andersen, said.