Global oil and gas companies commit to new Commission-led framework to monitor, report and reduce methane emissions
Yesterday, 23 November, companies in the oil and gas industry agreed to report and cut methane emissions worldwide to fight climate change, decarbonise energy and transport systems, and improve air quality. The initiative, created by the Climate and Clean Air Coalition (CCAC) and led by the European Commission, the UN Environment Programme (UNEP) and the Environmental Defense Fund (EDF), will now establish a reporting framework (OGMP 2.0) for anthropogenic methane emissions in the oil and gas sector that will improve accuracy and transparency. A total of 62 companies, representing 30% of the world’s oil and gas production, have initially joined this venture as part of the Oil and Gas Methane Partnership (OGMP). The new framework aims to deliver a 45% reduction in the industry’s methane emissions by 2025 and a 60-75% reduction by 2030. In the context of the Virtual Launch Ceremony of the OGMP 2.0, Commissioner for Energy, Kadri Simson, said: “I am very happy to see the energy industry taking immediate action on methane emissions. A clear commitment to measure and monitor emissions is an important first step for significantly reducing them and I am proud of what we have achieved together. Today’s signature is the first deliverable under the Commission’s recent methane strategy. There are many more steps to take to cut emissions along the entire value chain and I hope to work closely with all – European and international – partners to reach this goal.” Improving measurement and reporting of methane emissions is one of the key priorities of the EU Methane Strategy, presented in October 2020. The Commission is preparing a legislative proposal on compulsory measurement, reporting, and verification for all energy-related methane emissions, building on the OGMP 2.0 framework. More information is available in this press release and Commissioner Simson‘s speech.
