The US, the European Union, Japan, Canada, Norway, Singapore and the United Kingdom committed to taking swift action to address the two climate and energy security crises the world faces, by reducing greenhouse gas emissions from fossil fuels.
he countries stressed the need to accelerate global transitions towards clean energy and acknowledge that relentless dependence on fossil fuels leaves the world vulnerable to market volatility and geopolitical challenges.
We also recognize that under the IPCC scenarios aligned with the 1.5°C warming limit, fossil fuel consumption will continue to be at rapidly decreasing levels as the global energy transition evolves
For this reason they argue that significantly reducing emissions of methane, carbon dioxide and other greenhouse gases across the fossil fuel energy value chain is a necessary complement to global energy decarbonization of 1.5°C warming limit.
The countries further committed to taking immediate action to reduce greenhouse gas emissions associated with fossil energy production and consumption, and in particular to reduce methane emissions.
We argue that reducing methane and other greenhouse gas emissions from the fossil energy sector enhances energy security by reducing routine, avoidable burning, venting and leakage that wastes natural gas. We also note that these measures will improve health outcomes by eliminating black carbon and other associated air pollutants
In addition, they called on importers of fossil energy to take steps to reduce methane emissions associated with their energy consumption that can catalyze emissions reductions across the value chain, and urged fossil energy producers to implement projects, policies and supportive measures to achieve emissions reductions through fossil energy operations.
We call for global action to reduce methane emissions in the fossil energy sector to the extent feasible with a view to reducing warming by 0.1°C by mid-century, consistent with the findings of the International Energy Agency on the effects of full deployment of technically feasible mitigation in the sector on reducing warming in the short term
Moreover, the joint statement reaffirmed the call for action under the Global Methane Commitment to reduce anthropogenic and collective methane emissions by at least 30% by 2030 compared to 2020 levels as a key strategy to reduce near-term warming and maintain the 1.5°C target potential. percentage.
We recognize that the fossil energy sector must take the lead in rapid mitigation of methane emissions due to the abundance of technically feasible and cost-effective mitigation measures available in the fossil energy sector as required in the energy pathway of the Global Methane Pact
Recognizing the urgent need to reduce emissions from fossil energy value chains, a pledge was made to working towards an international market for fossil energy that reduces combustion, methane and carbon dioxide emissions across the value chain to the extent feasible, and also works to reduce consumption of fossil fuels.
We support the development of frameworks or standards for fossil energy suppliers to provide buyers with accurate, transparent and reliable information about methane and carbon dioxide emissions associated with their value chains
The countries will support domestic and international actions to achieve emissions reductions across the fossil energy value chain, including by:
#1 Adopting policies and measures to achieve rapid and sustainable reductions in methane and carbon dioxide emissions across the fossil energy value chain:
- Adopt policies and measures to eliminate routine venting and flaring and conduct regular leak detection and repair campaigns in oil and gas exploration, production and downstream operations.
- Adopt policies and measures to capture, use or destroy methane in the coal sector to the extent practicable, including through pre-mining drainage, coal mine methane destruction, and air methane destruction;
- Develop measures to demand or strongly stimulate reductions in greenhouse gas emissions associated with imports of fossil energy.
#2 Adopt policies and measures to support robust measurement, monitoring, reporting and verification of methane emissions in the fossil energy sector and to ensure transparency of related data:
- Adopt policies and measures to improve the accuracy of methane emissions data and emphasize the need to strengthen GHG inventories, including through improved availability of data and direct measurements at the source level for gas and oil, with a view to moving towards a higher level of IPCC methods for estimating Quantity of emissions based on direct measurement, random sampling, emissions factors, and other government agency approved approaches and improving monitoring, reporting and verification mechanisms when new data becomes available.
- Support frameworks or standards to improve the accuracy, availability, and transparency of fossil energy methane emissions and emissions intensity data at the commodity, portfolio, jurisdiction and country level, including consideration of acceptable protocols such as the Oil and Gas Methane Partnership Standard 2.0 and its tools, such as independent verification which may support robust data collection and reporting.
- Support international efforts to improve the measurement, monitoring, reporting and verification of methane emissions and ensure transparency of relevant data, including through partnership with the UNEP International Methane Emissions Observatory and other multilateral partners.
- Improve the quality of data on fossil energy methane, including abandoned wells and mines, non-commercial operations or unused infrastructure.
#3 Strengthening alliances to reduce methane and carbon dioxide emissions in the value chains of internationally traded fossil fuels:
- Engage public, municipal and private producers and buyers of fossil energy to take advantage of contracts and other tools, as appropriate, to improve the performance of methane and carbon dioxide emissions from traded fossil energy resources, including efforts to reduce the intensity of methane and other greenhouse gases per unit of energy delivered .
- Encouraging companies’ participation in the Oil and Gas Methane Partnership Standard 2.0.
#4 Mobilizing technical assistance and financing to mitigate methane and carbon dioxide emissions in the fossil energy sector:
- Enhance the provision of technical assistance and investment to mitigate methane and carbon dioxide emissions along the fossil energy value chain.
- Develop financial instruments and harmonize financial standards to support mitigation of methane and carbon dioxide emissions in the fossil energy sector.