Current:Home > StocksIndexbit-Over 100 Nations at COP26 Pledge to Cut Global Methane Emissions by 30 Percent in Less Than a Decade -WealthRoots Academy
Indexbit-Over 100 Nations at COP26 Pledge to Cut Global Methane Emissions by 30 Percent in Less Than a Decade
FinLogic FinLogic Quantitative Think Tank Center View
Date:2025-04-11 06:44:35
In a rare moment of good news coming from this week’s Conference of the Parties climate summit in Glasgow,Indexbit more than 100 nations have pledged to cut global methane emissions by 30 percent or more between now and 2030 in an effort to quickly and significantly curb global warming.
The announcement marking the official launch of the U.S.-European Union led Global Methane Pledge came as the Biden administration took a key step on Tuesday toward meeting the reduction goal with a draft of stringent new methane regulations for the oil and gas industry released by the Environmental Protection Agency in Washington.
“This is huge,” Fatih Birol, executive director of the International Energy Agency, said of the global initiative. “If we fulfill this pledge over the next 10 years the impact is [the same as] switching … all the cars of the world, all the trucks of the world, all the planes of the world [and] all the ships of the world to zero emission technologies; [the] entire transportation sector.”
Methane is the second leading driver of climate change, having contributed 0.5 degrees of the 1.1 degrees of human-induced warming since pre-industrial times, according to the latest assessment by the U.N.’s Intergovernmental Panel on Climate Change.
On a pound for pound basis, methane is an 81 times more potent greenhouse gas over the near term than carbon dioxide, the leading cause of global warming. Reducing methane emissions is widely seen as the best chance to quickly curb global warming due to the relatively short time the gas remains in the atmosphere.
Methane, a hydrocarbon, is a primary component of natural gas. It is emitted into the atmosphere by landfills, oil and natural gas wells—with surplus methane often burned at wellheads or vented into the atmosphere—as well as by agricultural activities and coal mining, wastewater activities and various industrial processes.
If emissions reductions outlined in the pledge are achieved, 0.2 degrees of additional warming will be avoided by 2050. Conversely, any cuts made to carbon dioxide today would not yield any climate benefits until after 2050.
The global methane pledge was first introduced in September when seven countries signaled their intent to join the U.S. and the EU. The 105 nations that have now signed the pledge represent roughly half of global methane emissions from human activity and approximately 70 percent of the world’s economy. The pledge is non-binding and does not set specific targets for individual nations but rather sets a collective, global target of a 30 percent emissions reduction.
Canada became the first country to back up its pledge with specific emissions reductions targets last month when Jonathan Wilkinson, Canada’s minister of environment and climate change, pledged cuts in methane emissions from the oil and gas sector of at least 75 percent below 2012 levels by 2030.
The U.S. went a step further on Tuesday when the EPA released draft regulations that would reduce methane emissions from the oil and gas sector by a similar amount, a 74 percent reduction by 2030 compared to emissions in 2005.
The planned rules for oil and gas would apply to all industry sites, including more than 300,000 existing wells—not just new facilities, as President Barack Obama’s original regulations would have done.
The rules stop short of imposing a ban on the flaring of methane, but the EPA has made clear that it intends to supplement the proposal next year and environmentalists indicated that they will push to strengthen its regulations.
The American Petroleum Institute, the largest industry group, reacted cautiously to the proposal, calling it “sweeping” and indicating it would study the plan more closely. “We will continue working with the agency to help shape a final rule that is effective, feasible and designed to encourage further innovation,” said Frank Macchiarola, API’s senior vice president for regulatory affairs.
Meanwhile, the U.S. Department of Transportation finalized a regulation first proposed 10 years ago to expand federal oversight of gas pipelines, which have been the site not only of leaks but of accidents and explosions. If finalized, 425,000 additional miles of pipeline would be subject to federal reporting requirements. And the U.S. Department of Agriculture initiated new programs to address work with farmers and ranchers to reduce methane in agriculture, which is second only to the oil and gas industry in emissions of the gas in the United States.
Speaking in Glasgow at the Global Methane Pledge event, Biden sounded his frequent refrain that climate action and jobs creation go hand-in-hand. “This isn’t just something we have to do to protect our environment and our future,” Biden said. “It’s an enormous opportunity for all of us, all of our nations to create jobs and make meeting climate goals a core part of our global economic recovery.”
But Biden hasn’t had success in getting the teeth he would like in his methane plan, as a narrowly divided Congress is still fighting over the White House’s proposal for a methane fee to give industry an additional economic incentive to cut emissions. Senate Environment Committee Chairman Tom Carper (D-Del.) praised the new EPA regulation, but promised to continue to push for the fee as Congress works to enact Biden’s “Build Back Better” plan.
“Our program is complementary to EPA’s rule and a critical part of meeting the president’s climate goals,” he said.
Meanwhile, at the climate talks, Brazil, one of the leading methane-emitting countries, signed onto the Global Methane Pledge in what was viewed as a significant development. Brazil’s president, Jair Bolsonaro, is being accused of crimes against humanity in part for policies that allow deforestation in the Amazon.
“It’s very significant to have a country like Brazil on board and to me signals that countries realize there are benefits to being part of this global effort,” said Sarah Smith, super-pollutants program director with the Clean Air Task Force, based in Boston. “The countries that sign up will have early access to technology and policy support and financing from organizations around the world.”
Philanthropic organizations led by the William and Flora Hewlett Foundation have pledged more than $325 million to help countries reduce their emissions.
Durwood Zaelke, president of the Institute for Governance and Sustainable Development, said Tuesday’s announcement was “the first salvo in a new front in the climate war” to quickly address near-term warming.
Zaelke conceded that countries may fail to uphold their pledges in the same way that nations have failed since 2015 to meet their Paris climate commitments. However, he said he feels it is inevitable that the Global Methane Pledge will become more binding through financial repercussions for countries that do not comply.
“I think you will see the world move toward a border tax strategy,” Zaelke said of countries that export products with high methane emissions. “It’s being discussed already with methane and the trade of natural gas. If a country has gas that is leaking methane, they will pay tax at the border.”
Noticeably absent from the growing list of countries who have pledged to reduce emissions are leading methane emitters China, India and Russia.
Countries that have signed on “will put increasing pressure on the outliers, specifically India, Russia and China,” Zaelke said. “They are getting a very strong signal now that they will have to do more to stay in the global economic system because of the inevitable border tax adjustments.”
veryGood! (5)
Related
- Residents worried after ceiling cracks appear following reroofing works at Jalan Tenaga HDB blocks
- Police identify Michigan splash pad shooter but there’s still no word on a motive
- 2024 US Open highlights: Bryson DeChambeau survives at Pinehurst to win second career major
- A$AP Rocky stars alongside his and Rihanna's sons in Father's Day campaign: See the photos
- Krispy Kreme offers a free dozen Grinch green doughnuts: When to get the deal
- Longtime Southern Baptist leader Paul Pressler, who was accused of sexual abuse, dies at 94
- Kourtney Kardashian Shares Adorable New Photos of Baby Rocky With Travis Barker on Father's Day
- Kourtney Kardashian Shares Adorable New Photos of Baby Rocky With Travis Barker on Father's Day
- Senate begins final push to expand Social Security benefits for millions of people
- Gervonta Davis vs Frank Martin fight results: Highlights from Tank Davis' knockout win
Ranking
- Justice Department, Louisville reach deal after probe prompted by Breonna Taylor killing
- Select list of winners at the 2024 Tony Awards
- Oklahoma panel denies clemency for man convicted in 1984 killing of 7-year-old girl
- Angelina Jolie and Daughter Vivienne Shut Down the Red Carpet at the 2024 Tony Awards
- Meta donates $1 million to Trump’s inauguration fund
- Eriksen scores in Denmark’s 1-1 draw with Slovenia at Euro 2024, 3 years after his onfield collapse
- Pete Buttigieg on fatherhood
- Real Housewives' Melissa Gorga Shares a Hack To Fit Triple the Amount of Clothes in Your Suitcase
Recommendation
Man can't find second winning lottery ticket, sues over $394 million jackpot, lawsuit says
US military targets Houthi radar sites in Yemen after a merchant sailor goes missing
Justin Bieber's Mom Looks Back at Hailey Bieber's Pregnancy Reveal in Emotional Father's Day Tribute
Police: 5 shot during event in Cincinnati park; all injuries considered non-life-threatening
Small twin
Ron Washington won't let losses deter belief in Angels: 'Ain't no damn failure'
Shooting at Michigan splash pad leaves 9 injured, including children; suspect dead
Sabrina Carpenter Addresses Friendship With Taylor Swift After Kim Kardashian Collaboration