COP28 puts spotlight on turning methane pledges into action

COP28 puts spotlight on turning methane pledges into action

Delegates at this year’s U.N. COP28 climate summit are anxious to boost the world’s climate change agenda with concrete plans for clamping down on the second-most prominent greenhouse gas – methane. While more than 150 countries have promised since 2021 to slash their methane emissions 30% from 2020 levels by 2030 under the U.S.- and EU-led Global Methane Pledge, few have detailed how they will achieve this. What is needed now is to turn those pledges into urgent action – with financial support for developing countries’ efforts and national regulations over methane-emitting sectors such as oil and gas and agriculture, according to the United Arab Emirates’ COP28 presidency. Some oil and gas companies have so far participated in voluntary programs to monitor or reduce their methane emissions. It is still unclear which companies might join the UAE’s call for formalized efforts. The UAE has called on the oil and gas industry to phase out its methane emissions by 2030 and wants a final agreement to include firm plans for turning past pledges into action, a spokesperson for the presidency said. Beyond lobbying governments, the UAE has also been urging independent and national oil and gas companies to eliminate routine flaring by 2030, a COP28 presidency spokesperson said. Last year’s methane emissions from the energy industry totaled some 135 million metric tons, slightly higher than the year before. Climate experts say that including methane efforts in a legally binding summit agreement is a priority. While methane has more warming potential than carbon dioxide, it breaks down in the atmosphere within just years compared with decades for CO2. That means that reining in methane emissions can have a more immediate impact in limiting climate change. “If it’s just a pledge, it will land with a thump,” said Rachel Kyte, the World Bank’s former climate envoy. “The UAE needs to commit companies and countries to sit down and negotiate a binding agreement to X-out methane.” Methane momentum The World Bank is expected during the two-week COP28 summit to new launch a fund, with backing from independent oil companies among others, for detection and cleanup programs in developing countries that are major methane emitters, such as Turkmenistan, three sources familiar with the plans told Reuters. The UAE, the U.S. and China also plan to host a Dec. 2 meeting for world leaders to discuss funding the World Bank scheme and other methane-focused efforts. Countries