- In 2030, annual emissions need to be 15 GtCO2e lower than current unconditional NDCs imply for the 2°C goal, and 32 GtCO2e lower for the 1.5°C goal. (UNEP)
- If oil and gas methane emissions are reduced by 75%, overall greenhouse gas emissions could be reduced by 6 GtCO2e
- Oil and gas is the only sector for which the majority of emissions can be reduced in a cost-effective manner with technologies that exist today.(CCAC)
- It is also the most immediate and lowest cost option to reduce this potent greenhouse gas. The industry could reduce its worldwide emissions by 75% and that up to 40% of those reductions can be realized at zero net cost. (IEA)
- Lowering global oil and gas methane emissions by 45% would achieve as much climate benefit in the next 20 years as closing 1000 coal plants.
- Methane mitigation is an economic and environmental win-win. As natural gas is composed mostly of methane, emissions of methane from the oil and gas value chain represent a wasted product that translates into roughly $34 billion of lost revenue per year, at average 2017 delivered prices. (UNEP)
1 This figure was calculated using a global warming potential (GWP) of 86 for methane. As a result, it should not be directly compared to the emissions gap, where a lower GWP was used.
2 Estimate based on EPA 2013 Greenhouse Gas Inventory