Big oil agrees to slash methane emissions
Methane is responsible for approximately 45% of current global warming. In discussions about climate change, this short-lived but highly potent greenhouse gas is often overshadowed by carbon dioxide, which remains in the atmosphere for hundreds of years. However, at this year’s annual UN climate summit in Dubai, hosted by the United Arab Emirates (UAE), methane is taking center stage as the most significant and fastest way to mitigate warming, according to Durwood Zaelke, a renowned methane advocate at the Institute for Governance and Sustainable Development.
On December 2nd, around 50 major hydrocarbon companies pledged in Dubai to nearly eliminate methane emissions associated with the exploration and production of fossil fuels by 2030. They also committed to ending routine flaring of methane, the primary component of natural gas. While farming contributes more methane emissions through belching livestock and agricultural practices, the energy sector is more concentrated and easier to regulate. Additionally, drillers have a greater incentive than farmers to prevent leaks, as the gas that remains contained can be sold for profit.
Critics quickly criticized the agreement as greenwashing, arguing that it does not lead to a phase-out of fossil fuels, which campaigners are advocating for in Dubai. Skeptics suggest that the methane deal could be seen as a “get out of jail free” card for the oil and gas industry, which they aim to eliminate. One environmental group expresses concerns that the voluntary nature of the agreement may result in the promised reductions not being fulfilled.
2023-12-07 09:46:10
Original from www.economist.com
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