Oil and gas market players agree on new framework to monitor and reduce methane emissions

Photo: European Union
Photo: European Union

The world’s major players in the oil and gas industry have agreed to report methane emissions using a new, more transparent framework, which will contribute to the reduction of methane emissions and help to combat climate change.

The new comprehensive framework will make it easier for officials, investors and the public to accurately track and compare performance across companies in ways that have not been possible so far.

A total of 62 companies with assets on five continents and representing 30% of the world’s oil and gas production have joined the new Oil and Gas Methane Partnership 2.0 (OGMP 2.0) framework. OGMP 2.0 is an initiative of the Climate and Clean Air Coalition, which is led by the UN Environment Programme, the European Commission and the Environmental Defense Fund.

EU Energy Commissioner Kadri Simson said:

“I am very happy to see the energy industry taking immediate action on methane emissions. A clear commitment to measure and monitor emissions is an important first step for significantly reducing them, and I am proud of what we have achieved together. Today’s signature is the first deliverable under the Commission’s recent methane strategy. There are many more steps to take to cut emissions along the entire value chain, and I hope to work closely with all – European and international – partners to reach this goal.”

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Press release

EU4Energy programme