Reducing Methane Emissions in the Oil and Gas Value Chain

The findings of the Sixth Assessment Report of the Intergovernmental Panel on Climate Change for 2022 have highlighted the imperative need for action on methane emissions. Methane is a powerful greenhouse gas, with a Global Warming Potential more than 80 times greater than that of carbon dioxide (CO2) during the 20 years after it is released into the atmosphere. 

The oil and gas sector is the second largest source of methane emissions globally and presents the biggest low-cost mitigation potential for methane emissions with technically feasible solutions.

The Middle East and North Africa region has huge methane reduction potential and demonstrated commitment both by countries and companies:  more than 10 countries in the region are among signatories of the Global Methane Pledge, which aims to reduce methane emissions globally by 30 per cent by 2030 from 2020 levels. Many MENA-based companies are also members of the OGMP2.0 (Oil and Gas Methane Partnership 2.0), a UNEP-led initiative to measure, report and reduce methane emissions.

With COP28 being hosted in the region, there is a tremendous opportunity for the countries and companies in this region to demonstrate leadership in slashing methane emissions.

This event aims to:

• Bring together experts, policymakers, and interested parties to discuss strategies, challenges, and opportunities for reducing methane emissions.
• Highlight the importance of accountability and transparency to ensure the industry is part of the solution.
• Highlight the importance of regulation to drive down emissions.
• Discuss how south-south cooperation could support methane emission reduction in other regions through finance, technology transfer, capacity building and other means of implementation.
  
  This event also launched the joint International Energy Agency, United Nations Environment Programme, and CCAC Report The Imperative of Cutting Methane from Fossil Fuels.

Watch the event live stream here.