The credibility of recent industry methane commitments is under the microscope.
One year ago, many of the world’s top oil and gas companies publicly committed to support methane policies and regulations to reduce emissions from the global oil and gas industry. But today, serious doubts are emerging about whether the companies will keep their promise in the face of extreme regulatory rollbacks in the largest oil and gas producing nation in the world—the United States.
The day before the World Gas Conference – one of the energy industry’s largest – 10 companies competed for USD $20 million to fund solutions with the power to disrupt how methane is managed, measured, and reduced.
The money was provided by Oil and Gas Climate Investments, the billion-dollar investment fund tied to the Oil and Gas Climate Initiative (OGCI) – a consortium of 10 oil and gas companies sharing knowledge and resources to cut the greenhouse gas footprint of their industry.
Last week hundreds of representatives from global companies and leading NGOs met in Bentonville, AR for Walmart’s annual Sustainability Milestone Summit. The theme of the meeting was Project Gigaton, the most ambitious and collaborative effort ever to reduce a billion tons of emissions from the global supply chain over the next 15 years. At the meeting Walmart announced 20 million metric tons of greenhouse gas emissions reductions from suppliers, and noted that 400 suppliers with operations in more than 30 countries have now joined Project Gigaton by setting ambitious climate targets.
One powerful theme that emerged from the meeting was the importance of technology. Project Gigaton is inspiring targets that raise our ambition, but increasingly technology is how we will deliver on these commitments and measure progress.
A new EDF survey of more than 500 executives confirms that game changing technology innovations are empowering private sector leaders to improve business and environmental performance – and to accelerate sustainability efforts across global supply chains.
The oil and gas industry has planted its sights on playing a competitive role in the energy mix of the future. However, oil and gas extraction, transport and use create serious environmental and safety risks when leaked, releasing 8-10 million metric tons of methane into the atmosphere each year in the US alone.
Fortunately, addressing this problem also offers a tremendous opportunity: a 45% reduction by 2025 would have the same benefit as shutting down one-third of world’s coal fired power plants. That’s why EDF set out on a groundbreaking global technology challenge to incentivize new solutions to fix this problem.
The super emitter problem
Methane is invisible and odorless, making leaks hard to detect. EDF-led studies have shown that methane pollution is widespread, pouring out from “super emitters” – the large, enigmatic sources responsible for a big portion of industry’s methane pollution. These super-emitting sources are nearly impossible to predict and can happen anywhere, anytime as a result of malfunctioning equipment that goes unattended or mistakes in the field.