National Oil Companies and Methane Reductions: How to Meet 2030 Goals [Gas Expert Insights]
Reducing methane emissions from oil and gas is one of the best available options to slow the pace of global warming. National oil companies (NOCs) produce about half of the world’s oil and gas, and their participation will be vital in efforts to cut methane emissions. At the 2023 UN Climate Change Conference (COP28) in Dubai, more than 50 companies signed the Oil and Gas Decarbonization Charter (OGDC), which included ambitious methane reduction targets. This was the first such commitment made by many NOCs.
At the halfway market to the next COP summit, follow-through is uncertain and increased transparency is required to monitor progress. Many NOCs will need guidance, technical support, and capacity building to better measure, monitor, report, and verify their methane emissions. A few will need financial support from multilateral institutions, industry associations, or financial sector institutions. In the past few years, as awareness and concern over oil and gas methane emissions have grown, promising new initiatives have promoted industry collaboration and assistance for NOCs from environmental groups and philanthropies.
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Energy Security and Climate Change Program at Center for Strategic and International Studies (CSIS), has developed a paper that examines what these companies must do to realize their plans and raise their ambitions, and which types of partnerships can help accelerate these changes. It summarizes the importance of methane reductions by state oil companies, outlines their climate and methane reduction commitments, and analyzes the progress and emissions reductions pathways that will be necessary to meet these important goals. The paper also highlights case studies of effective collaboration with these companies to promote methane reductions, including stories of how various NOCs have engaged with external actors.
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