Support for an affordable solution to combat climate change is increasing

Global support for one of the most cost-effective and impactful climate actions is gaining momentum at a crucial time.

Countries are beginning to prioritize the reduction of avoidable methane emissions from fossil fuel production, recognizing the need for immediate action to combat rising global temperatures.

A recent report from Bloomberg Green revealed that officials from the United States are in discussions with their counterparts in Turkmenistan to develop strategies for mitigating methane emissions from their aged oil and gas operations. Additionally, the European Union has proposed regulations aimed at reducing greenhouse gas emissions from coal mines across the continent.

If Turkmenistan were able to capture and burn all leaked or vented gas, combined with the implementation of EU rules, it would have a climate impact equivalent to eliminating approximately 290 million tons of CO₂ annually. This is similar to the emissions of Taiwan, a leading chip-maker and one of the world’s top polluters. Furthermore, the Environmental Protection Agency in the U.S. is expected to outline plans for a new methane emissions fee in the near future, as mandated by the recent climate legislation.

While there is still a need for significant emissions reductions from other major emitters such as China and Russia, these actions represent a shift towards tangible climate solutions.

“The potential U.S.-Turkmenistan deal and the new EU legislation show demonstrable progress in reducing global methane pollution, demonstrating that the 2021 Global Methane Pledge is more than just a promise,” said Alice C. Hill, a senior fellow at the Council on Foreign Relations.

Reducing methane emissions from coal mines and fossil fuel production is a relatively low-cost and straightforward method of addressing climate change. Upgrading infrastructure and improving efficiency can significantly minimize emissions, while also generating additional revenue for operators. The International Energy Agency estimates that up to 40% of oil and gas emissions can be reduced at no net cost. There is also potential for significant methane reductions in large underground coal mines, which have high porosity. Although burning methane still produces carbon dioxide, the warming impact is much less than if the gas were released directly into the atmosphere.

In Europe, many coal mines already have measures in place to control or capture methane emissions. However, there is often a failure to effectively combust or process the captured gas for market. The proposed EU regulations aim to reduce the bloc’s coal mine methane emissions by almost 40% by 2040. While some activists have expressed disappointment with the lack of ambition in these rules, they are crucial for addressing emissions from both active and abandoned mines, as methane leakage can continue long after production has ceased.

Turkmenistan, despite receiving little international attention, plays a significant role in global climate efforts due to its abundance of natural gas reserves and high methane emissions per unit of output. Satellite data analysis by Kayrros SAS has identified Turkmenistan as the source of the majority of the world’s most intense methane releases from the oil and gas sector since 2019.

President Serdar Berdymukhamedov has approved a roadmap to explore Turkmenistan’s potential participation in the Global Methane Pledge, which aims to reduce global methane emissions by 30% by the end of the decade. Currently, an estimated 7% of Turkmenistan’s gas is wasted through intentional venting, flaring, and accidental leaks. Financial assistance from the U.S., potentially through the Export-Import Bank, could support efforts to detect and repair leaks, as well as upgrade equipment in Turkmenistan.

“It is very encouraging that Turkmenistan is stepping up efforts to mitigate its methane emissions, and that international partners are ready to support Turkmenistan in this journey,” said Manfredi Caltagirone, head of the International Methane Emissions Observatory (IMEO), an initiative of the United Nations Environment Program.

The U.S. government is also taking action to address methane emissions from the oilfield. The Environmental Protection Agency is expected to finalize a plan later this year that will require routine monitoring for leaks, the development of strategies for plugging leaks, and a reduction in flaring. These measures aim to ensure that over 80% of the revenue from the sale of newly captured natural gas goes to oil and gas operators. Based on estimates provided by the agency, implementing these mandates could prevent approximately 2.7 million metric tons of methane from entering the atmosphere annually, which is equivalent to eliminating 225 million metric tons of carbon dioxide each year.

Methane reduction has become a key issue for the U.S. and the EU in preparation for COP26 in 2021. While achieving the goal of a 30% reduction in global methane emissions by 2030 may be challenging, experts believe that the collective efforts to address methane emissions will result in a decline in releases in the coming decade.

Source: Bloomberg L.P.

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