Fifty oil companies, responsible for almost half of global production, have made a commitment to achieve near-zero methane emissions and eliminate routine flaring from their operations by 2030. The president of this year’s United Nations climate talks, Sultan al-Jaber, announced the pledge, highlighting the importance of industry buy-in to significantly reduce greenhouse emissions and limit global warming to 1.5 degrees Celsius. However, environmental groups criticized the pledge, considering it a “smokescreen” that fails to address the need to phase out oil, gas, and coal.
Methane emissions are a significant contributor to global warming, and reducing them could help slow down temperature rise. If the oil companies fulfill their commitments, it could potentially reduce future warming by 0.1 degrees Celsius. Methane emissions from oil and gas drilling account for only 23% of global methane emissions, with agriculture and waste playing more substantial roles.
The pledge was signed by major national oil companies such as Saudi Aramco, Petrobras from Brazil, and Sonangol from Angola, as well as multinational companies like Shell, TotalEnergies, and BP. While the pledge represents a significant step towards combatting climate change, it also maintains the status quo for the oil and gas industry, leading to criticism from environmental groups.
Reducing methane emissions is considered “low-hanging fruit” in the fight against climate change, as methane stays in the atmosphere for a shorter period compared to carbon dioxide. The use of current technologies and operational changes can largely solve the problem of methane leaks, flaring, and venting. However, stricter regulations and putting a price on pollution may be necessary to push the industry further towards change.
The announcement did not address the burning of oil and natural gas by end users, known as Scope 3 emissions, which also contribute to climate change. The focus of the pledge is on reducing emissions from oil and gas operations themselves.
Overall, the commitment by these oil companies represents an important step towards reducing methane emissions and combating climate change. However, further action is still needed to address the broader challenges of carbon dioxide emissions and the transition to renewable energy sources.