METHANE GLOBAL TRACKER REPORT (2023)
Methane Global Tracker Report Released by: International Energy Agency (IEA)
Key findings of the Report:
- Fossil fuel companies emitted 120 million metric tonnes of methane into the atmosphere in 2022, only slightly below the record highs seen in 2019.
- Despite their pledges to find and fix leaking infrastructure, these companies have done little to curb the emissions.
- The report also shows that 75% of methane emissions can be reduced with cheap and readily available technology.
- Global Methane Pledge – 150 countries have joined the Global Methane Pledge which aims to reduce methane emissions from human activity by 30% from 2020 levels by 2030.
- India has committed to reducing the emissions intensity of its GDP by 33-35% below 2005 levels by 2030.
- Implementing methane reduction measures would cost less than 3% of the net income received by the oil and gas industry in 2022.
What are the key sources of Methane emission?
- Methane is emitted from a variety of anthropogenic (human-influenced) and natural sources.
- Anthropogenic emission sources include landfills, oil and natural gas systems, agricultural activities, coal mining, stationary and mobile combustion, wastewater treatment, and certain industrial processes.
International Energy Agency (IEA)
- Origin: In 1974 to ensure the security of oil supplies.
- Objectives: The IEA was established as the main international forum for energy cooperation on a variety of issues such as security of supply, long-term policy, information transparency, energy efficiency, sustainability, research and development, technology collaboration, and international energy relations.
- Members: It is made up of 30 member countries, 8 association countries, and 3 accession countries.
- A candidate country to the IEA must be a member country of the OECD.
- IEA member countries are required to maintain total oil stock levels equivalent to at least 90 days of the previous year’s net imports.
- India became an Associate Member of IEA in 2017.
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