Energy Exchange

Big bright spot in a disappointing season for shareholder climate resolutions

By EDF Blogs / Published: May 26, 2022

It’s annual general meeting season in the U.S. — when shareholders hold companies to account and press management to do better.

A record 71 climate-related resolutions will be presented this year at public companies, more than double the number last year. But with a more ambitious suite of resolutions, fewer are being approved: just 21% of climate resolutions have passed so far this year, compared with 33% last year.

So it is big news that yesterday brought the passage of the first two climate resolutions in the oil and gas sector at ExxonMobil and Chevron. And while the successful Exxon resolution, requiring reporting on the financial impacts of a net zero by 2050 world, received more attention, the Chevron resolution is equally noteworthy. Chevron’s shareholders voted overwhelmingly in favor of a resolution filed by Mercy Investment Services pushing the company to improve its reporting on methane emissions.

Methane is a critically important issue to mitigate climate emissions and improve energy security. Having reliable, quality data is the key to rapidly address both imperatives now.

The Chevron methane resolution was backed by a whopping 98% of shareholders and was supported by the company’s board — one of the first times a climate resolution has achieved this status.

Also posted in Methane regulatons, Natural Gas / Comments are closed

Differentiated gas: Nothing but hot air without these five criteria

By EDF Blogs / Published: May 19, 2022

By Dan Grossman and Maureen Lackner

Getting a comprehensive and accurate picture of the extent of methane emissions from the oil and gas industry is hard.

Our scientists have spent much of the last decade detailing deficiencies and inaccuracies in the way companies — and even regulators — estimate emissions, which result in dangerous understatements of the methane problem.

And that is precisely why efforts by oil and gas companies and their consultants to differentiate some natural gas as “responsibly sourced” or “low emission” is problematic.

Also posted in Methane regulatons, Natural Gas / Comments are closed

Lessons from New Mexico and Colorado’s leading methane rules

By Jon Goldstein / Published: May 5, 2022

Methane leaks from oil and gas sites represents a problem on many fronts. They create harmful air pollution, contribute to global warming and can even cause explosions. They also result in a lot of wasted gas.

Colorado and New Mexico — two of the nation’s leading energy producers — recently ramped up their methane pollution standards for the oil and gas industry.

Ensure standards apply to smaller, low-producing wells

The vast majority of the nation’s wells produce less than 15 barrels of oil a day and there are often calls for these sites to be exempted from environmental standards. This is a major problem because their footprint is huge and their climate impact adds up.

Also posted in BLM Methane, Colorado / Tagged New Mexico | Comments are closed

The twin crises of energy supply and climate have the same solution

By Mark Brownstein / Published: April 8, 2022

Today’s energy system has become a liability we can no longer afford. As dependence on oil and gas restrains the response to Vladimir Putin’s war on Ukraine, scientists on the Intergovernmental Panel on Climate Change this week issued yet another urgent warning that society is running out of time to avoid dangerous climate change caused by fossil fuel emissions.

Politicians and pundits say we must choose which problem to solve — protect the economy or protect the planet. But the twin crises of energy and climate have the same solution: the fastest possible transformation of our global energy system.

To those who want to prioritize the energy crisis, they must contend with the reality that there are no big spigots likely to be opened. Pre-Covid, oil and gas production were near record highs. Recent company announcements offer only marginal bumps in production, not enough to replace Russian oil or change prices at the pump.

And despite their rhetoric, neither producers nor their financiers show any interest in making the massive investments necessary to change these fundamentals.

Also posted in Renewable Energy / Comments are closed

Climate scientists agree: methane cuts are essential to limit global warming

By EDF Blogs / Published: April 5, 2022

By Ilissa Ocko and Tianyi Sun

A new report out this week from the Intergovernmental Panel on Climate Change is once again shedding more light on the climate crisis. According to the latest research, we’re on a dangerous trajectory that will result in significantly more warming than what policymakers aimed for.

As part of the Paris Climate Agreement — countries across the globe committed to try and limit future temperature rise to no more than 1.5 degrees Celsius. This new report not only predicts that we are not on track to meet that goal, it also suggests that even limiting warming to 2 degrees C is highly unlikely based on our current emissions and policies.

A previous IPCC assessment released earlier this year brought into focus the unfortunate reality that we are already experiencing increasingly destructive extreme weather events, rising seas, melting sea ice, habitat loss and other severe impacts of a changing climate at a much faster rate than communities can adapt. The fact that we are not acting fast enough to avert much worse impacts is disappointing news.

Posted in Methane / Comments are closed

Quickly reducing methane along with CO2 could help save Earth’s sea ice

By EDF Blogs / Published: March 14, 2022

By Kelsey Robinson

New EDF-led research is bringing new hope to the prospect of preserving the Arctic’s summer sea ice, which has been declining rapidly due to rising temperatures.

Sea ice levels today are at their lowest point since record-keeping first began and at this current loss rate, summer sea ice could practically vanish by the time today’s toddlers become adults. This new research suggests that if we take swift action to reduce emissions of CO2 and the potent greenhouse gas methane – we could preserve summer sea ice well into the next century.

Methane is the second most important greenhouse gas after CO2 and is responsible for more than 25% of current global warming. Over the following two decades, the methane we emit today will capture over 80 times more heat than an equal amount of CO2. This is why cutting methane now is so important to slow down warming and lower the risk of losing Arctic summer sea ice.

This study is one of the first to look at how practical methane mitigation affects critical parts of the climate system beyond temperature rise. According to the study, if we reach net zero CO2 emissions by 2050 (as motivated by the goals of the Paris Climate Agreement) and quickly enact methane reductions using all currently available solutions, the chances of saving our summer sea ice this century could increase from nearly zero without action to more than 80%.

Why preserving summer sea ice is so important.

A seasonally ice-free Arctic has significant implications for the global climate. According to recent research, if the Arctic Ocean is free of sea ice during the sunlit part of the year, it could generate the same heat as 25 years’ worth of human-caused CO2 emissions at today’s level.

Preserving sea ice maintains habitat for walruses, polar bears and other Arctic wildlife and it serves as a vital source for hunting and fishing among Indigenous Arctic communities. It can also help deter geopolitical complications that can arise from open access to Arctic waterways.

This study makes it clear that methane-cutting tools and technologies that are available today can make significant progress toward preserving Arctic summer sea ice and slowing the rate of global warming if we deploy them now.

Posted in Methane / Comments are closed