Context:
According to the International Energy Agency’s (IEA) annual Methane Global Tracker report, fossil fuel companies emitted 120 million metric tonnes of methane into the atmosphere in 2022, only slightly below the record highs seen in 2019.
About Findings of the report:
- Methane Emissions from the energy sector: 75 percent of methane emissions from the energy sector can be reduced with the help of cheap and readily available technology.
- The implementation of such measures would cost less than three percent of the net income received by the oil and gas industry in 2022, but fossil fuel companies failed to take any substantial action regarding the issue.
- The energy sector accounts for around 40 percent of the total average methane emissions from human activity, as oil and natural gas companies are known to release methane into the atmosphere when natural gas is flared or vented.
- The greenhouse gas is also released through leaks from valves and other equipment during the drilling, extraction and transportation process.
- Ways to Reduce Emissions:
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- Right policies and implementation: Although it’s impossible to avoid all of this amount, the right policies and implementation can bring 200 bcm of additional gas to markets.
- Leak detection and Repair programmes: In the oil and gas sector, emissions can be reduced by over 75 per cent by implementing well-known measures such as leak detection and repair programmes and upgrading leaky equipment.
| Additional Information:
About International Energy Agency:
- It is an autonomous Intergovernmental Organisation established in 1974 in Paris, France.
- It mainly focuses on its energy policies which include economic development, energy security and environmental protection. These policies are also known as the 3 E’s of IEA.
- Mandate: To analyse key global energy trends, promoting sound energy policy and encouraging multinational energy technology cooperation.
Membership:
- The IEA is made up of 30 member countries.
- It also includes eight association countries. Four countries are seeking accession to full membership, Chile, Colombia, Israel and Lithuania.
- A candidate country to the IEA must be a member country of the Organisation for Economic Co-operation and Development (OECD)
IEA & India:
- India became an Associate member of IEA in March 2017 but it was in engagement with IEA long before its association with the organisation.
- Earlier in 2021, India also inked a Strategic Partnership Agreement with the IEA to strengthen cooperation in global energy security, stability and sustainability.
- As a natural corollary to the India IEA strategic partnership, IEA invited India to deepen its cooperation with IEA by becoming a full Member.
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News Source: Indian Express
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March 3, 2023