The influential International Energy Agency says coal, oil and gas industries aren’t moving away from fossil-fuel production fast enough, nor reinvesting profits in cleaner practices.
The IEA’s annual Methane Gas Tracker report released Tuesday found that 75% of methane emissions from the oil CL00 and gas NG00 sector can be reduced with already cost-competitive and readily available technologies, including satellite tracking. These are all factors that should have led to a serious dent in methane emissions in 2022. They did not. That’s because production remained relatively strong despite these headwinds and because the energy industry didn’t use the opportunity to buttress methane-capturing advances.
The IEA report slammed major oil and gas companies’ refusal to invest in the some $100 billion needed for further technologies to speed up emissions cuts, which as the IEA’s report stressed, is less than 3% of the industry’s profits in 2022.
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