Despite what we know about the consequences of letting our planet warm, the world hasn’t done enough to cut greenhouse gas emissions. Now we are up against the clock. To limit climate change to 1.5°C, the world needs to almost halve greenhouse gas emissions. In just eight years.
We need fast-acting solutions that bring deep cuts to emissions to have any chance of doing so. As the IPCC has clearly said, we need methane emission reductions.
Methane in the atmosphere is over 84 times more potent than carbon dioxide over a twenty year time horizon. But it does not linger as long as carbon: just 10-12 years. So, actions to cut methane emissions can yield quick reductions in the rate of warming, while also delivering air quality benefits.
In fact, the Global Methane Assessment, from UNEP and the Climate and Clean Air Coalition, found that low cost-actions could almost halve anthropogenic methane emissions. Proven measures could shave 0.28 degrees Celsius from the forecasted rise in the planet’s average temperature by 2050.
We have seen the world increasingly take this message on board.
The US- and EU-led Global Methane Pledge is a welcome effort. Over 100 countries are aiming to knock 30 per cent off methane emissions in the fuel, agriculture and waste sectors by 2030. The fossil fuel industry has the highest potential for reductions, much of it at no net cost. Wasted methane could be used as natural gas to fuel power plants or homes.
Methane reductions are necessary. Atmospheric concentrations of methane are increasing faster than at any time since 1980s. The Methane Pledge needs to move from promise to action far faster than other climate promises made in the past.
But the fossil fuel industry needs to know that cutting methane emissions does not give them a free pass to keep polluting for decades to come. It is minimizing damage, not ending it. Spewing carbon into the atmosphere must end. The decarbonization of our economies is essential.
Friends, the International Methane Emissions Observatory, or IMEO, is designed to help nations and industry meet their commitments on methane.
The lack of verified emissions data has made it hard to carry out targeted action at the scale and speed needed. The IMEO can play a key role in making such action easier. As an independent and trusted data entity, it will integrate data from diverse sources. Company reporting. Satellites. Scientific studies. National inventories. This data will guide companies and governments as they turn their promises into action.
In its first year, the IMEO has made good progress.
The IMEO’s first Annual Report, published earlier this week, showed some movement. Under the Oil and Gas Methane Partnership 2.0, companies announced their methane reduction target. They submitted their first emissions reports and plans on how they would reach the highest level of reporting on methane – known as the “Gold Standard”.
To obtain the Gold Standard, companies must announce an emissions reduction target by 2025. UNEP is pushing for a 45 per cent reduction, or near-zero methane intensity. Of the 55 companies that have set a target, 30 of them meet or exceed these levels. This is a good start. But the quality of data is low. And most companies are not able to report with great accuracy.
Let us also remember that reporting is a means to an end, and that end is actual reductions in emissions. Yes, companies should strive for the Gold Standard. But this needs to happen in parallel with the real meat of mitigation actions. Emissions need to start dropping now, not just once the reporting framework is in place.
We at UNEP also ask companies to increase the ambition of their initial targets. In methane, these companies have a real chance start getting on the right side of history – finishing the job with full decarbonization.
As companies get to work, the IMEO is improving its ability to deliver better support.
The IMEO funds methane scientific studies, led by leading academic and research institutions around the world. These studies are guided by the expertise of IMEO’s Scientific Oversight Committee. They are robust, independent and publicly available. Satellites are already showing great potential, but the amount of data they generate creates challenges. This is why the IMEO is partnering closely with the European Space Agency’s TROPOMI. This is why IMOE is coordinating with the Environmental Defense Fund’s MethaneSat, and other satellite operators such as Japan’s GoSat and Italy’s Prisma. Earlier this week the Canadian government announced its support to GHGSAT, a commercial provider, so that it could provide its data to IMEO. This is a welcome development. The integration of all these types of data with other sources will close the knowledge gap on methane emissions along fossil fuel value chains. It will help focus attention and efforts on where they can most make a difference.
Friends, the IMEO is an important part of near-term climate action.
As I said, acting on methane is no excuse to prolong the life of the fossil fuel industry. Fossil fuels must go. But reducing methane emissions is a crucial and necessary step on the path to a cooler climate. I welcome the leadership of the many countries that signed up to the Global Methane Pledge announced on Tuesday. But we need governments to turn commitments into actual emissions reductions. The International Methane Emissions Observatory will help, by catalyzing and accelerating the change needed to secure a low-carbon future. For its part, UNEP will continue to connect, partner with, and fund others who are driving change in this space.
I encourage more countries and companies to support the IMEO. To join the Oil and Gas Methane Partnership 2.0. To enhance mitigation targets and, crucially, deliver on their commitments with urgency. Methane is a critical opportunity to boost the climate action we need over the next eight years, and beyond. We must not waste it.
