Report finds billions of dollars in natural gas wasted every year
The 20-year climate impact of methane escaping from oil and gas operations worldwide is equal to the carbon dioxide emissions from 40 percent of total global coal combustion, according to a new analysis by the Rhodium Group commissioned by the Environmental Defense Fund (EDF).
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Click on image to enlarge. Credit: Rhodium Group |
Methane, the main constituent of natural gas, packs more than 80 times the warming power of CO2, according to the report; however, methane is also a crucial and largely untapped opportunity for countries seeking to meet greenhouse emission targets.
Approximately 3.5 trillion cubic feet (Tcf) of gas worth about $30 billion escaped from oil and gas sector operations in 2012, according to the report -- about the same amount of gas produced during the same time by Norway, the world's seventh largest producer.
The report estimates that these emissions will increase 23 percent by 2030, if action is not taken.
"Methane is potent and fast-acting, and it's a major problem. But cutting methane emissions is an equally powerful, and often very cost effective way for countries to achieve immediate climate benefits while they work on long-term carbon dioxide goals," said EDF Associate Vice President Mark Brownstein. "Until now, that opportunity has been mostly overlooked, which means there is a lot of low-hanging fruit to be harvested."
Last month, the White House announced that the U.S. will reduce total greenhouse emissions to 26 to 28 percent below 2005 levels by 2025, specifically emphasizing plans announced in January to cut oil and gas methane emissions 40 to 45 percent from 2012 levels by 2025. The U.S. is the only country so far to announce an oil and gas methane goal.
If the top 30 methane emitting countries, including the EU, were to reduce emissions 50 percent by 2030, it would save about two trillion cubic feet of natural gas that's currently being wasted every year.
"Over the next 20 years, the effect would be the same as eliminating all carbon dioxide from burning coal in India and the EU," said Drew Nelson, senior manager in the EDF natural gas program.
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