THE natural gas can play an important role in the path of the energy transition until 2050, points out the Italian oil and gas multinational Eni in the first special report on methane 2024.
The report recognizes the fundamental role that reducing methane emissions in the oil and gas sector can play in combating climate change.
The company considers that natural gas, due to its affordable price, reliability, flexibility and low coal compared to other fossil fuels, it is possible to play a leading role, but adds that global action is needed to eliminate methane leaks along the fuel use chain.
It should be noted that although shipping companies order ships that can work with alternative fuels and deal with reduction technologies emissionsthe vast majority of the fleet still burns a lot of oil.
Commitment
Eni has been committed to reducing methane emissions in its operations for more than a decade by developing monitoring technologies on the path to decarbonization.
The objective is to keep methane emissions intensity well below 0.2% by 2025 (0.06% in 2023) and achieve zero methane emissions by 2030.
According to the numbers, the group’s direct methane emissions have more than halved in the last six years (2018-2023).
Specifically, it reports a 95% reduction in fugitive methane emissions and an 86% reduction in methane intensity across all of its operations from 2013 to 2014.
It also shows a 20% reduction in methane emissions from Eni’s activities from 2022 to 2023.
Note that the International Energy Agency and the COP29 presidency recently met in New York to discuss how government and industry can meet their ambitious commitments to reduce methane emissions from the energy sector.
Around 100 people – including ministers, senior officials and heads of international organizations – participated in the event, which was held as part of the United Nations General Assembly and Climate Week in New York.
In discussions chaired by IEA Executive Director Fatih Birol and COP29 President-designate Mukhtar Babayev, participants highlighted action plans that countries and companies are developing to reduce methane emissions from fossil fuels, as well as how financial institutions and greater regional cooperation could support the implementation of methane reduction commitments.
The increase in temperature
Methane is responsible for about 30% of global warming since the Industrial Revolution.
Key policies and regulations announced last year, as well as new commitments arising from the COP28 climate summit in Dubai, could help trigger a decline.
At COP28, almost 200 countries committed to significantly reducing methane emissions this decade, while new companies committed to taking action by launching the Oil and Gas Decarbonization Charter, which now has more than 50 signatories.
The COP29 presidency is now building on this momentum by calling on parties to adhere to the COP29 Declaration on Reducing Methane from Organic Waste.
In international organizations
Eni is a founding member of the UNEP Oil and Gas Methane Partnership (OGMP), the Oil and Gas Climate Initiative (OGCI) and the Methane Guidelines (MGP) and actively participates in expert groups with international organizations, foundations, non-profit, academic and industrial associations, such as IPIECA and IOGP.
These collaborations have helped define the scale of the methane emissions problem with greater precision, develop better monitoring, reporting and verification practices, and promote the development of new technologies to monitor and reduce emissions across the energy sector.
