With the world grappling with the consequences of climate change, methane emissions are fast becoming the focus of urgent action. Known for its high potency as a greenhouse gas, methane is at least 80 times more effective than carbon dioxide over the short term, making its reduction pivotal to climate efforts. Yet, recent reports highlight significant gaps in commitments meant to slash these emissions.
During the COP28 climate summit held in late 2023, 52 leading oil and gas firms made ambitious pledges, including achieving "zero methane" emissions by 2030. This promise echoed throughout the industry, drawing attention and accolades. But, as analyzed by the think tank Carbon Tracker, serious flaws mar the grand intentions of these companies.
The report "Absolute Impact 2024" revealed alarming omissions among the 27 companies studied; only eight—including TotalEnergies, Shell, and ExxonMobil—had included midstream infrastructures like pipelines and liquefied natural gas (LNG) carriers in their methane reduction commitments. These infrastructures are notorious for contributing to methane leaks, yet many firms continue to overlook them.
It gets even murkier when considering joint ventures. Major players like TotalEnergies and Eni, which hold stakes in methane-intensive projects situated in regions like Algeria and Egypt, have excluded these emissions from their reduction targets. Interestingly, Chevron stands out as the only major firm to account for such contributions.
Olivia Bisel, an analyst with Carbon Tracker, put it bluntly: "Oil and gas companies pay lip service to climate action, and all the time, emissions from their products continue to fuel increasingly severe natural disasters." This stark commentary points to the reality faced by environmental activists and climate scientists alike—a disconcerting gap between words and follow-through from the fossil fuel sector.
While the urgency around climate action grows, the focus on methane is perhaps more immediate due to its unique characteristics. The Climate and Clean Air Coalition states about 35% of global methane emissions derive from the fossil fuel sector. This makes the industry uniquely positioned to help tackle climate change by swiftly implementing measures to control leaks. Yet, the lack of serious action by these companies raises questions about their commitment.
The report makes it clear: no evaluated company aligns with the Paris Agreement's ambitious targets to restrict warming to well below 2°C. Carbon Tracker has called for more integrative approaches, urging companies to factor midstream infrastructure and joint ventures more rigorously within their goals to remedy these "blind spots." A shift toward more conscientious strategies is necessary to effectively address methane and its fallout.
Meanwhile, global methane levels are on the rise, with emissions being traced to multiple leaks mainly at wells, during transportation, and across production facilities. This brewing storm of emissions has the potential to overshadow companies’ climate action plans, as they remain largely insufficient and under-implemented.
Yet, amid these concerns, there are glimpses of hope. Recent data from the United Nations Environment Programme (UNEP) reveals the efficacy of new technologies meant to track and quantify methane leaks. The Methane Alert and Response System (MARS) issued 1,200 notifications about significant leaks across the globe, but alarmingly, only around 1% prompted official action from the respective companies or governments.
It’s clear, as UNEP Executive Director, "To have any chance of getting global warming under control, methane emissions must come down, and come down fast,” underscored the necessity for immediate action. Inline with this, MARS has successfully monitored emissions and initiated corrective action, showing the potential impact of using data-driven methods to combat leaks.
For example, the system’s implementation led to the plugging of leaks, resulting in emissions reductions equivalent to 1 million cars being removed from the roads annually. Yet, the overall response to these alerts has been disappointing, showcasing the need for greater commitment from governments and companies alike.
On the bright side, the new EU regulation set to be enforced by May 2025 will mandate companies to proactively monitor their emissions. This regulation aims to deter companies from negligence as penalties will follow non-compliance. Currently, the aging infrastructure throughout Romania has been identified as particularly vulnerable, leading to notable leaks and emissions. Activists are gaining ground, slowly pushing the oil sector to acknowledge this urgent issue.
The knowledge base is growing, and initiatives like the Oil and Gas Methane Partnership 2.0 (OGMP 2.0) are pressing companies toward scientifically measuring and reducing emissions. Now encompassing 140 companies responsible for more than 40% of the sector’s production, this alliance has set the pace toward slowly changing the industry’s approach to methane.
UNEP’s latest reporting--through tools like MARS--showcases not only substantive tracking methods but also cultivates necessary pressure on the industry to change course quickly. With commitments ringing hollow alongside emissions still on the rise, economic practicality, corporate accountability, and technological advancement seem to be intertwining, creating a path forward for the methane mitigation fight.
Nevertheless, dire action is required to stop lip service. There’s still hope as proven systems exist to accurately identify and monitor leaks, often needing just minor repairs like tightening bolts. But now is the time for companies and governments to capitalize on this opportunity to enact real change; lives and the climate depend on it.
With the mounting pressures from stakeholders seeking climate accountability, and the push for decisive actions against methane, the focus on these greenhouse gases can no longer be ignored. The world barely has time to spare, and initiatives must evolve from recommendations to urgent mandates now—because if the oil and gas sector doesn’t act fast, it could be facing the consequences of its own emissions sooner than it thinks.
