In the first half of 2023, a new report from the International Energy Agency (IEA), in collaboration with the United Nations Environment Program (UNEP) and the Climate and Clean Air Coalition (CCAC), has issued a crucial warning : Reducing methane emissions from fossil fuel operations is essential to achieving global climate goals.
The report, titled The Imperative to Reduce Methane from Fossil Fuels, highlights that the decarbonization of energy systems is essential to limit global warming to 1.5°C. Although a decrease in demand for fossil fuels could contribute to reducing methane emissions, this reduction would not occur quickly enough to meet global climate objectives.
The study concludes that specific actions, such as eliminating routine ventilation and flaring and repairing leaks, are crucial to limiting warming to 1.5°C and reducing the risk of exceeding irreversible climate tipping points. Rapid cuts in methane emissions from fossil fuels could prevent a rise of up to 0.1°C in global temperatures by mid-century. This is more significant than the impact of taking all the world's cars and trucks off the road immediately.
In addition to the climate impact, methane emissions also contribute to tropospheric ozone pollution, with economic, public health and food safety consequences. Based on modeling from the 2021 UNEP/CCAC Global Methane Assessment, reducing methane could prevent nearly 1 million premature deaths due to ozone exposure, 90 million tons of crop losses, and approximately 85 billion hours of work lost due to extreme heat by 2050. This would result in about $260 billion in direct economic benefits by 2050.
Methane is a powerful greenhouse gas and accounts for around 30% of the rise in global temperatures since the Industrial Revolution. More than half of global methane emissions arise from human activities in the agriculture, waste and fossil fuel sectors.
The report highlights the need to reduce methane emissions quickly, as total methane emissions from human activities could increase by up to 13% between 2020 and 2030. However, to limit warming to 1.5°C, these emissions need to decrease between 30% to 60% during this period.
Tackling methane emissions is one of the most cost-effective ways to reduce greenhouse gas emissions. Investments of around US$75 billion by 2030 would be needed to implement all methane reduction measures in the oil and gas sector, which represents less than 2% of the revenue generated by this industry in 2022.
Immediate action is essential, and the report highlights that the world already has the tools and support to make the necessary reductions. Combating methane emissions is a fundamental piece of the puzzle in the fight against climate change.
This report was launched during MENA Climate Week 2023, a key forum for leaders to discuss climate and energy issues in the Middle East and North Africa, as the world prepares for the United Nations Climate Change Conference (COP28) in Dubai .
The message is clear: reducing methane emissions is one of the best opportunities to limit global warming in the short term. Decisive action is needed now to ensure a more sustainable and resilient future.
