IEA - Global Energy Sector Could Cut Nearly All Methane Leaks For 3% Of Collective 2022 Profits
The International Energy Agency on Tuesday accused fossil fuel industries of doing too little to curb methane emissions and undermining global climate goals to limit warming.
Economic uncertainty, high energy prices and concerns over the security of supply — which should have led to emissions cuts in 2022 — were ineffective as methane emissions remained “stubbornly high,” it said. “Methane cuts are among the cheapest options to limit near-term global warming,” said IEA’s executive director Fatih Birol. “There is just no excuse.”
The IEA’s annual Methane Gas Tracker report found that 75% of methane emissions from the oil and gas sector can be reduced with cheap and readily available technologies. Methane, which makes up natural gas, can escape into the air from oil and gas infrastructure. Fossil fuel companies may also flare or burn off excess gas which can release methane into the atmosphere.
The report slammed oil and gas majors’ refusal to pay up the some $100 billion needed for technologies to spearhead the emissions cuts, which is less than 3% of the industry’s profits in 2022. Energy giants like Shell, BP, ExxonMobil and others reported record profits last year as Russia’s war in Ukraine drove up oil and natural gas prices, spurring calls for the companies to do more to contain climate-changing emissions and help households and businesses that saw their utility bills explode.
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https://apnews.com/article/climate-and-environment-business-612def51e397db74daab9ef7ae22b17e
