World needs over $75 bn for a 75% slash in energy-related methane emissions

Subject: Environment

Section: Climate change

Context:

Over $75 billion in funding is required to slash just energy-related methane emissions by 75 per cent by 2030, two-thirds of which would be generated through oil and gas operations, a new report by the International Energy Agency (IEA) said.

Details:

Around $55 billion would be required in upstream oil and gas facilities that extract non-renewable energy sources from the onshore or offshore ground and over $20 billion would be required in downstream facilities, which involve refining and distribution to consumers.

Methane emissions:

Methane is the second biggest contributor to global warming after carbon dioxide.
It is 84 times more potent than carbon but it does not last as long in the atmosphere before it breaks down.
This makes it a critical target for reducing global warming more quickly while simultaneously working to reduce other greenhouse gases (GHGs).
The energy sector contributes to nearly 40 per cent of anthropogenic methane emissions, while methane emissions are also generated from agriculture and waste.
Methane (CH4) accounts for 15–35% of the rise in greenhouse gas emissions that are caused by human activity.
Over the past ten years, the atmospheric methane growth rate (MGR) has increased significantly, most likely due to rising fossil fuel and microbial source emissions.
Methane emissions increased from 9.9 parts per billion (ppb) in 2019 to around 15 ppb in 2020.
Human-related methane emissions fell by 1.2 teragrams (Tg) year in 2020.

Curbing methane emission:

The extraction and transportation of oil, gas and even coal release methane through defective valves or pipes, referred to as fugitive emissions.
Fixing the malfunctioning parts and processes by employing leak detection and repair (LDAR) programmes prevents methane emissions amounting to 13 million tonnes (Mt)
Around 6 Mt of methane emissions may be avoided using vapour recovery units by capturing the gas before leakage either through flaring or venting by 2030.
- The practice of burning pressurised natural gas during oil extraction, either as a safety concern or because of being uneconomical to sell, is known as flaring and releases methane emissions.
- Similarly, venting is the process of directly releasing methane gas into the atmosphere during oil and gas extraction.
Around 21 Mt of methane release can be avoided by replacing pumps, controllers, compressors and other equipment with low- or zero-emissions alternatives.
Globally, the sale of captured methane would fetch oil and gas producers returns at $45 billion on financing methane emission technologies.
Non-binding pledges like the Global Methane Pledges are unlikely to drive this action.

Global initiatives

Methane Alert and Response System (MARS): MARS will integrate data from a large number of existing and future satellites that have the ability to detect methane emission events anywhere in the world, and send out notifications to the relevant stakeholders to act on it.
Global Methane Pledge: At the Glasgow climate conference (UNFCCC COP 26) in 2021, nearly 100 countries had come together in a voluntary pledge, referred to as the Global Methane Pledge, to cut methane emissions by at least 30% by 2030 from 2020 levels.
Global Methane Initiative (GMI): It is an international public-private partnership focused on reducing barriers to the recovery and use of methane as a clean energy source.

Indian initiatives:

Harit Dhara’ (HD): Indian Council of Agricultural Research (ICAR) has developed an anti-methanogenic feed supplement ‘Harit Dhara’ (HD), which can cut down cattle methane emissions by 17-20% and can also result in higher milk production.
India Greenhouse Gas Program: The India GHG Program led by WRI India (non-profit organization), Confederation of Indian Industry (CII), and The Energy and Resources Institute (TERI) is an industry-led voluntary framework to measure and manage greenhouse gas emissions.
National Action Plan on Climate Change (NAPCC): NAPCC was launched in 2008 and aimed at creating awareness among the representatives of the public, different agencies of the government, scientists, industry, and the communities on the threat posed by climate change and the steps to counter it.
Bharat Stage-VI Norms: India shifted from Bharat Stage-IV (BS-IV) to Bharat Stage-VI (BS-VI) emission norms.