IEA report Emissions from Oil and Gas Operations in Net Zero Transitions
May 3rd, 2023
Following the IEA’s new report highlighting the need for the oil and gas industry to drastically cut emissions from its operations,
Oil and Gas Climate Initiative Vice President Strategy & Policy Julien Perez said:
“Today’s IEA report highlights that reducing methane emissions from the oil and gas industry is the single most important measure and could reduce emissions by up to 1.2 gigatonnes of carbon dioxide equivalent by 2030, equivalent to emissions from the aviation industry.
“The OGCI is taking action on all of the key levers the IEA identified to achieve this reduction, notably on methane emissions. Cutting methane emissions is a major priority for OGCI and collectively our members have already reduced methane emissions by 40% since 2017 and cut upstream flaring by a third. But action needs to be stepped up more broadly across the industry if we are to meet the Paris Agreement targets.
“OGCI is helping to build a coalition of companies committed to reducing emissions from their operations through the Aiming for Zero Methane Emissions Initiative, which has already been endorsed by over 80 companies and organizations, but more companies need to join our collective effort if we are to meet this critical target.”
- The Oil and Gas Climate Initiative is a CEO-led organization bringing together 12 of the largest companies worldwide to lead the oil and gas industry’s response to climate change. It aims to accelerate action towards a net zero emissions future consistent with the Paris Agreement. Together, OGCI member companies represent almost 30% of global oil and gas production.
- Support for The Aiming for Zero Emissions Initiative includes many of the world’s leading oil and gas companies, service companies and consultancies.
- OGCI members’ 40% reduction in absolute upstream methane emissions from 2017 is equivalent to taking over 3 million cars off the road for a year.
- Read more about our decarbonization efforts in our Annual Progress Report