EU agrees law to hit fossil fuel imports with methane emissions limit

illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:

🗞️ Driving the news: The European Union has finalized a law to limit methane emissions in oil and gas imports starting from 2030
• This law is part of a broader initiative to combat methane, a potent greenhouse gas and the second-biggest cause of climate change

🔭 The context: Methane has a higher short-term warming effect compared to carbon dioxide, making rapid reductions in emissions crucial
• The EU's new law aims to set "maximum methane intensity values" for fossil fuel producers exporting to Europe

🌍 Why it matters for the planet: The legislation represents a significant step in global efforts to reduce methane emissions, particularly from the oil, gas, and coal sectors
• By leveraging its position as the world's largest natural gas buyer, the EU is influencing global practices and highlighting the importance of transnational climate responsibilities

⏭️ What's next: The methane standards will apply to new supply contracts after the law's enactment, expected later this year
• It requires European oil and gas producers to regularly inspect and repair leaks and bans most flaring and venting practices

💬 One quote: "Finally, the EU tackles the second most important greenhouse gas with ambitious measures." (Jutta Paulus, EU Parliament's co-lead negotiator)

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