- Stakeholders urge action on methane emissions at COP28.
- The delegates called for turning pledges into immediate action and financial aid for developing countries.
Delegates at COP28 seek urgent action on methane emissions, the second-most significant greenhouse gas. Over 150 countries, led by the US and EU, vowed to cut methane emissions by 30% from 2020 to 2030. However, specific plans for achieving this remain scarce. The UAE, leading COP28, emphasises turning pledges into immediate action, calling for financial aid for developing countries and national regulations on methane. While some oil and gas companies voluntarily monitor or reduce methane emissions, there are uncertainties about the commitment to formalised efforts aligned with the UAE’s call.
The UAE aims for a complete phase-out of methane emissions by 2030 in the oil and gas industry. It seeks firm plans to translate prior pledges into action. Experts stress the urgency of a binding agreement at the summit. This includes highlighting methane’s greater warming potential than carbon dioxide but shorter lifespan in the atmosphere while making its reduction crucial for immediate impact on climate change.
During COP28, the World Bank will launch a fund for detection and cleanup programmes backed by oil companies in major methane-emitting countries. The UAE, US, and China plan to host a meeting on December 2 to discuss funding for the World Bank initiative and other methane-focused efforts. This aims to surpass previous pledges of roughly $200 million. In a significant US-China climate agreement, China committed for the first time to include methane and other gases. This will be included in its 2035 national climate plan, offering transparency on a significant emission source.
Efforts to monitor methane include launching satellites this year, supporting major economies’ national strategies, and announcing new regulations targeting methane emissions. China unveiled its awaited methane strategy, while the EU consented to impose methane emission limits on oil and gas imports by 2030, pressuring suppliers to address leaks. Canada is expected to propose a 70% cut in methane emissions by 2030.