BP, Eni, ExxonMobil, Repsol, Shell, Statoil, Total and Wintershall dedicated to additional cut back methane emissions from the pure fuel property they function all over the world. The power corporations additionally agreed to encourage others throughout the pure fuel worth chain – from manufacturing to the ultimate shopper – to do the identical.
The dedication was made as a part of wider efforts by the worldwide power trade to make sure that pure fuel continues to play a crucial position in serving to meet future power demand whereas addressing local weather change. Since pure fuel consists primarily of methane, a potent greenhouse fuel, its position within the transition to a low-carbon future will likely be influenced by the extent to which methane emissions are lowered.
The eight power corporations at the moment signed a Guiding Principles doc, which focuses on: frequently lowering methane emissions; advancing sturdy efficiency throughout fuel worth chains; enhancing accuracy of methane emissions knowledge; advocating sound insurance policies and rules on methane emissions; and growing transparency.
“Numerous research have proven the significance of rapidly lowering methane emissions if we’re to satisfy rising power demand and a number of environmental targets,” mentioned Mark Radka, Head of UN Environment’s Energy and Climate Branch. “The Guiding Principles present a wonderful framework for doing so throughout your entire pure fuel worth chain, notably in the event that they’re linked to reporting on the emissions reductions achieved.”
The Guiding Principles have been developed in collaboration with the Environmental Defense Fund, the International Energy Agency (IEA), the International Gas Union, the Oil and Gas Climate Initiative Climate Investments, the Rocky Mountain Institute, the Sustainable Gas Institute, The Energy and Resources Institute, and United Nations Environment.
“Our evaluation at IEA reveals that credible motion to attenuate methane emissions is crucial to the achievement of world local weather targets, and to the outlook for pure fuel,” mentioned Tim Gould, Head of Supply Division, World Energy Outlook, IEA. “The dedication by corporations to the Guiding Principles is an important step; we look ahead to seeing the outcomes of their implementation and wider utility. The alternative is appreciable – implementing all the cost-effective methane abatement measures worldwide would have the identical impact on long-term local weather change as closing all current coal-fired energy vegetation in China.” (Source: ExxonMobil – Gas flaring in Nigeria – Image: Royal Dutch Shell)
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