Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

More than 100 countries join pact to slash planet-warming methane emissions

Published 11/02/2021, 01:06 AM
Updated 11/02/2021, 12:13 PM
© Reuters. FILE PHOTO: Methane bubbles are seen in an area of marshland at a research post at Stordalen Mire near Abisko, Sweden, August 1, 2019.REUTERS/Hannah McKay/File Photo

By Kate Abnett, Valerie Volcovici, Ilze Filks and Jeff Mason

GLASGOW (Reuters) - More than 100 countries have joined an effort led by the United States and European Union to slash emissions of the potent greenhouse gas methane 30% by 2030 from 2020 levels, an initiative aimed at tackling one of the main causes of climate change.

Methane is the main greenhouse gas after carbon dioxide. It has a higher heat-trapping potential than CO2 but breaks down in the atmosphere faster - meaning that cutting methane emissions can have a rapid impact in reining in global warming.

The Global Methane Pledge, launched at the COP26 summit in Glasgow on Tuesday after being announced in September, now covers countries representing nearly half of global methane emissions and 70% of global GDP, U.S. President Joe Biden said.

"Together, we're committing to collectively reduce our methane by 30% by 2030. And I think we can probably go beyond that," Biden said at the COP26 summit in Glasgow, Scotland.

"It's going to boost our economies, saving companies money, reducing methane leaks, capturing methane to turn it into new revenue streams, as well as creating good paying union jobs for our workers."

Among the new signatories was Brazil - one of the world's biggest emitters of methane. The pledge now includes six of the world's 10 biggest methane emitters: the United States, Brazil, Indonesia, Nigeria, Pakistan and Mexico.

China, Russia, India and Iran, also top-10 methane emitters, have not signed up. Those countries were all included on a list identified as targets to join the pledge, first reported by Reuters.

"Methane is one of the gases we can cut fastest. Doing that will immediately slow down climate change," European Commission President Ursula von der Leyen said.

WIDENING THE PACT

Since it was first announced in September with a handful of signatories, the United States and European Union have worked to get the world's biggest methane emitters to join the partnership.

There were roughly 60 countries signed up only last week, after a final diplomatic push from the United States and EU ahead of the COP26 summit.

While it is not part of the formal U.N. negotiations, the methane pledge could rank among the most significant outcomes from the COP26 conference, given its potential impact in holding off disastrous climate change.

A U.N. report in May said steep cuts in methane emissions this decade could avoid nearly 0.3 degree Celsius of global warming by the 2040s. Failing to tackle methane, however, would push out of reach the 2015 Paris Agreement's objective to limit the global rise in temperature to 1.5C above pre-industrial levels and avoid the worst impacts of climate change.

The 30% methane cut, which is not legally binding, would be jointly achieved by the signatories, and cover all sectors. Key sources of methane emissions include leaky oil and gas infrastructure, old coal mines, agriculture and landfill sites.

If fulfilled, the pledge is likely to have the biggest impact on the energy sector, since analysts say fixing leaky oil and gas infrastructure is the fastest and cheapest way to curb methane emissions.

The United States is the world's biggest oil and natural gas producer, while the EU is the biggest importer of gas.

© Reuters. FILE PHOTO: Methane bubbles are seen in an area of marshland at a research post at Stordalen Mire near Abisko, Sweden, August 1, 2019.REUTERS/Hannah McKay/File Photo

The United States on Tuesday unveiled its own sweeping proposal to crack down on methane emissions with a focus on the oil and gas sector. The main regulation could take effect as soon as 2023 and slash methane from oil and gas operations by 74% from 2005 levels by 2035, according to the U.S. Environmental Protection Agency.

The EU and Canada both plan to unveil methane legislation addressing the energy sector later this year.

Latest comments

Ban farts (cows n human)
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.