In the aftermath of the coronavirus crisis, methane emissions by the global oil and gas industry could rise rather than fall, the IEA said. This is in contradiction with an expected reduction in CO2 emissions. To reduce by three-quarters the industry's methane emissions, it would cost $15 billion annually. The IEA said companies and regulators needed to take action.
Methane, the main component in natural gas, is seen as a more powerful though shorter-lived greenhouse gas than CO2. Equivalent to 2.5 Gigatons of CO2, 82 million mt/year reported by the IEA as the industry’s estimate for current methane emissions.
Thanks to a drastic reduction in energy demand resulting from lockdowns related to COVID-19, global CO2 emissions are set for a record fall of around 8 percent this year after flat-lining in 2019. Meanwhile, the IEA report said abatement of methane emissions is likely to be crimped by gas prices that were low even before the COVID-19 crisis, reducing the incentive to eliminate wastage, along with the possibility of regulators reducing their watchfulness.
