Methane accounts for about 20% of global greenhouse gas emissions, but is more effective than carbon dioxide at trapping heat in the atmosphere over the short term. So curbing methane emissions this decade would buy valuable
time for big carbon-emitting sectors to find viable solutions. The importance of methane was recognised at COP26 when the US and EU announced a partnership to cut methane emissions by 30% by 2030, from 2020 levels. Over 100 countries signed up to the Global Methane Pledge, acknowledging the urgency of the issue.
Tackling methane emissions through engagement is not a new focus for us, but we have been able to leverage the greater awareness post-COP26 to help galvanise industry efforts. Under our Engagement Plan, we are seeking a 60-75% reduction in oil and gas operational methane emissions by 2030, from a 2015 baseline. Specifically, we ask for methane reduction commitments and implementation plans aligned with the UNEP-managed Oil & Gas Methane Partnership (OGMP) 2.0 to achieve a critical near-term outcome that progresses longer-term decarbonisation objectives.
In our engagements with upstream oil and gas companies – the producers – we ask them to make every effort to reduce flaring, venting and fugitive emissions. Leaks can be detected through regular testing and maintenance, for example, while the installation of solar panels can help to replace pneumatic equipment. We also ask pipeline operators to reduce planned and unplanned maintenance venting, identify and address fugitive emissions, and plug pipeline leaks in a timely manner.
Read the full article in our Q2 2022 Public Engagement Report.