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

🗞️ Driving the news: The European Union is at a pivotal point in its journey towards a carbon-neutral economy by 2050, with methane emissions reduction being a critical aspect of its decarbonization path
• As negotiations on the Regulation for the reduction of methane emissions unfold, there's a call for a balanced approach that is ambitious, economically sustainable, and result-oriented

🔭 The context: Discussions among EU institutions suggest a need for cost-effective strategies that engage stakeholders and gain consumer trust
• The focus has been on monitoring methane emissions from inactive oil and gas wells, but studies, particularly in Romania, show that the majority of emissions come from a small fraction of active installations, questioning the efficacy of targeting inactive wells

🌍 Why it matters for the planet: The EU's new legal framework aims to curb harmful emissions without hampering economic growth or burdening member states
• However, the current draft Regulation could impose over €1 billion in costs on the Romanian oil and gas industry alone, potentially increasing energy prices and affecting supply security

⏭️ What's next: The EU's energy transition, with natural gas as a key player, expects a natural decrease in methane emissions
• The focus should shift to enhancing energy flows, improving infrastructure, and promoting decarbonized fuels like hydrogen to ensure a sustainable future

💬 One quote: "Every moment we spend on ineffective policies is a moment lost in the genuine fight against climate change" (Daniel Apostol, The Oil & Gas Employers' Federation)

📈 One stat: Over 50,000 oil and gas wells have been drilled in Romania over the past 150 years, yet a significant majority of methane emissions come from a small fraction of these installations

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