The Methane Global Tracker report is the annual report released by the International Energy Agency. According to the latest report, fossil fuel companies released 120 million metric tonnes of methane into the atmosphere last year. This is just a slight decline from the unprecedented record created in 2019.
What is the report saying?
The report found that no effort has been taken by fossil fuel companies to bring down emissions. It revealed that cheap and readily available technologies can help bring down methane emissions from the energy sector by 75 per cent. Investments in such technologies are estimated to cost less than 3 per cent of the net income received by the oil and gas industry in 2022. These findings come after energy giants like BP, Shell, ExxonMobil, etc. reported record profits in 2022, as a consequence of the Russia-Ukraine crisis.
Key Findings of the Report
- 40% of the methane emissions are from the energy sector
- 260 billion cubic metres of natural gas is wasted through methane leaks every year
- Fossil fuel companies are putting in very small efforts to tackle the problem
- We have to reduce natural gas wastage by 75% to lower the global temperature
How is methane emission adding to climate change?
Methane is responsible for 30% of the global warming happening on the earth. It is a greenhouse gas. The potential of methane to warm the earth’s surface is 80 times higher than carbon dioxide. The NOAA of the US says that atmospheric levels of methane increased to 17 parts per billion in 2021.
Global Methane Pledge: It was announced by the US and EU. It aims to reduce methane emissions by 30% in 2030 as compared to 2020.
MARS: MARS is Methane Alert and Response System. It integrates data related to methane emissions. It was launched by the United Nations Environment Programme. It is a satellite-based monitoring programme.