· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on E&E by POLITICO or enjoy below:
🗞️ Driving the news: A new report from Carbon Tracker highlights methane emissions as a significant "blind spot" for the world’s top 30 oil and gas companies, with none having reduction targets aligned with the Paris Agreement’s goals
• While some companies target near-zero methane emissions by 2030 for upstream operations, most exclude emissions from joint ventures, with Chevron being the sole exception
• The report underscores methane's disproportionate warming impact compared to carbon dioxide
🔭 The context: Methane is a potent greenhouse gas, with a warming potential far exceeding CO2 over a 20-year period
• Despite its critical role in climate change, many oil and gas firms lack comprehensive methane reduction strategies
• The report criticizes the sector’s limited scope of targets, emphasizing that reducing methane emissions is both technologically feasible and cost-effective
🌍 Why it matters for the planet: Addressing methane emissions is one of the quickest and most impactful ways to mitigate near-term global warming
• Oil and gas companies’ inadequate targets hinder progress toward the Paris Agreement's climate goals, risking catastrophic climate impacts
⏭️ What's next: Pressure is expected to mount on oil and gas firms to broaden their methane reduction targets, including joint ventures and downstream activities
• Regulatory frameworks and investor demands for accountability may accelerate action
💬 One quote: “Reducing a ton of methane will do a lot more to reduce warming as compared to reducing the same volume of carbon dioxide” – Olivia Bisel, lead author of the report
📈 One stat: Methane is 84–86 times more potent than CO2 in terms of warming over a 20-year period
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