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Fossil fuel firms must plug methane leaks to meet climate targets, warns watchdog

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By illuminem briefings

· 2 min read

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

🗞️ Driving the news: The International Energy Agency (IEA) has issued a stark warning that fossil fuel companies must invest billions in reducing methane emissions to avoid missing global climate targets
• The US has become the largest emitter from oil and gas, with China leading in coal mining emissions, and Russia also significantly contributing due to inefficient operations

🔭 The context: Methane, a potent greenhouse gas responsible for about 30% of current global warming, is primarily leaked from oil, gas wells, and coal mines
• The IEA's report highlights that global fossil fuel operations emitted over 170 billion cubic meters of methane last year, suggesting significant room for reduction through better practices and technologies

🌍 Why it matters for the planetAddressing methane leaks is critical for limiting global temperature rises to 1.5°C above preindustrial levels
• The IEA estimates that a $170 billion investment could cut methane emissions by 75%, significantly impacting efforts to combat climate change while only costing fossil fuel companies a fraction of their profits

⏭️ What's next: The upcoming Cop29 UN climate summit in Azerbaijan presents an opportunity for enhanced global action on methane emissions 
• Improved methane monitoring and international cooperation could accelerate efforts to plug leaks and adhere to stricter environmental regulations

💬 One quote: "Cutting methane is the only way to slow near-term warming and avoid the tipping points that send us into irreversible and catastrophic climate chaos," (Durwood Zaelke, president of the Institute for Governance and Sustainable Development)

📈 One stat: $170 billion - The IEA's estimated cost to reduce global methane emissions by 75%, aimed at curbing temperature rises

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