Big Oil and Methane Emissions: What’s the Deal?
In a significant development, approximately 50 major hydrocarbon firms, responsible for around 40% of global oil production, have committed to nearly eliminating methane emissions linked to fossil fuel exploration and production by 2030. The pledge was made at the annual UN climate summit hosted by the UAE in Dubai.
Methane, a potent greenhouse gas responsible for 45% of current global warming, gained prominence at the summit as a key target for addressing climate change.
Big Oil – Cuts in Methane Emissions!
The companies, including Western supermajors like ExxonMobil and Shell, as well as 29 national oil companies such as Saudi Aramco and adnoc of the UAE, aim to cut methane emissions to around 0.2% of oil and gas production by the end of the decade.
Critics argue that the deal might be perceived as greenwashing and may not lead to a fossil fuel phase-out. However, the participation of state giants, historically resistant to such agreements, marks a notable breakthrough.
The ambitious target will be independently verified, employing tools such as methane-sniffing satellites and ground-based sensors.
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