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

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 planet: Addressing 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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