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Why This Matters: According to the International Energy Agency (IEA), the global oil and gas industry produced 82 gigatons of methane in 2019 alone. Although more carbon dioxide is produced by the industry each year, methane is much more potent and 36 times more powerful at trapping heat than carbon dioxide, elevating atmospheric temperatures rapidly. Participants in the agreement are required to work to reduce the industry’s methane emissions by 45% by 2025 and by 60-75% by 2030. According to EDF, reducing the industry’s methane footprint by 70% could reduce the overall global greenhouse gas footprint by 10%, which is the equivalent of taking every car in the U.S. off the road. All this begs the question — why did no U.S.-based companies sign up? And it would be great to get oil refining and chemical manufacturing companies to join too.
Big Problem, Simple Solution
The U.S. is undergoing a methane pandemic. Not only are American companies the largest producers of methane, but there are also an estimated 3.2 million abandoned oil and gas wells across the country, left behind by bankrupt oil companies to leak methane into the atmosphere. Companies have often refused to clean-up after themselves, or installed subpar caps that crack and continue to pollute. Additionally, the oil and gas industry lobbied the Trump administration to roll back Obama-era methane regulations and succeeded in August.
Experts say that when it comes to greenhouse gasses, methane is a “low-hanging fruit.” Methane emissions occur at every stage of oil and gas production but can be reduced easily and inexpensively by plugging leaks and upgrading outdated hardware. According to IEA, methane emissions from the oil and gas industry could be halved at a net-zero cost, but American companies have made it clear they still aren’t willing to play ball.
Ultimately, the American gas industry’s lax attitude toward methane emissions may come back to bite them. Recently a $7 billion deal to import liquefied natural gas to France from Texas fell through after French authorities cited concerns about the lack of methane regulations in the United States. Just this month, ExxonMobil, once the largest company in the world, reported record losses, which many experts attribute to the company’s inability to shift toward renewable energy.
Mark Brownstein, EDF’s senior vice president of energy says that U.S. companies may soon learn that their reluctance isn’t worth being shut out of the future global energy trade. Methane regulations are on the horizon; The European Commission is adopting a tighter methane strategy and President-elect Joe Biden has promised to make strengthening methane regulations a day one priority. “Other companies are beginning to understand that having the data is what enables them to take control of the issue,” said Brownstein, “I think there are a number of companies who signed up [to the agreement] to get a head start on what’s going to be required of them down the line.”
by Amy Lupica, ODP Staff Writer A new study from Stanford University and the University of California, San Diego reveals that plumes of smoke from wildfires in recent years threatens to undo 40 years of air quality improvements in the American West and is just as deadly as heat-related health threats. In 2020, a record-breaking […]
GM unveiled big plans at this year’s Consumer Electronics Show for electric vehicles — driverless “shuttle” vans and even – imagine this – flying cars. CEO Mary Barra, the keynote speaker, unveiled a new company logo and highlighted innovative new vehicles. The company has created a new unit called BrightDrop that will sell its EV600 […]
This year two “EVs” repeatedly made headlines — environmental voters and electric vehicles. When we look back in 2035, by which time we should have converted completely to renewable energy, 2020 could be seen as the year when the auto industry fully committed to the transition to electric vehicles and trucks.
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