The International Energy Agency (IEA) on Monday said that companies in the oil and gas sector must augment their initiative in addressing the detrimental effects of methane emissions on the environment.
The International Energy Agency (IEA) on Monday said that companies in the oil and gas sector must augment their initiative in addressing the detrimental effects of methane emissions – coming from pipelines and production plants – to the environment.
According to the data published by the Paris-based agency on Monday, 70 million tonnes of methane emissions had been emitted by the oil and gas sector in 2020. This is also equivalent to the amount of energy-related carbon dioxide emissions released by the European Union.
IEA noted that there has been a 10 percent drop in methane emissions last year compared with the 2019 levels due to lower production, as companies get hammered by plummeting demands because of the pandemic-induced crisis.
As part of the leading oil firms’ report last year, they claimed that they were able to reduce their methane emissions by 22 percent since 2017.
However, IEA asserted that the drop in methane emissions was largely due to the reduced production of methane emissions amid the pandemic crisis.
The agency warned that the amount of methane emissions might rebound again as soon as the economies recover from the pandemic crisis. It also urged oil majors to step up their efforts in plugging those leaks.
“There is no good reason to allow these harmful leaks to continue, and there is every reason for responsible operators to ensure that they are addressed,” IEA Executive Director Fatih Birol said in a statement.
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