{"id":16625,"date":"2017-10-27T10:35:58","date_gmt":"2017-10-27T14:35:58","guid":{"rendered":"http:\/\/blogs.edf.org\/energyexchange\/?p=16625"},"modified":"2017-10-27T10:44:57","modified_gmt":"2017-10-27T14:44:57","slug":"oil-gas-ceos-up-their-methane-pledge-heres-what-to-watch-for-as-promises-turn-to-action","status":"publish","type":"post","link":"https:\/\/blogs.edf.org\/energyexchange\/2017\/10\/27\/oil-gas-ceos-up-their-methane-pledge-heres-what-to-watch-for-as-promises-turn-to-action\/","title":{"rendered":"Oil & gas CEOs up their methane pledge: Here\u2019s what to watch for as promises turn to action"},"content":{"rendered":"

This post was co-authored by Drew Nelson<\/a>.\u00a0\"\"<\/a><\/em><\/p>\n

The CEOs of ten leading oil and gas companies today announced intentions<\/a> to move toward \u201cnear-zero\u201d methane emissions, pledging to set a quantitative reduction target by this time next year. At first blush, it might sound like a modest step \u2013 a promise to make a promise. In fact, the CEOs announcement constitutes an important and welcome recognition that oil and gas methane emissions impact the climate, are too high, and must be reduced. The new pledge comes just days after the International Energy Agency previewed its analysis<\/a> showing that methane is a \u201ccritical issue for the long term natural gas outlook\u201d and steep emission reductions are possible with today\u2019s technology, and enormously cost effective.<\/p>\n

From Social Issue to Business Issue<\/strong><\/p>\n

The 10 companies, which together are responsible for 20 percent of global production, joined forces three years ago to form the Oil and Gas Climate Initiative. Last year, they invested $1 billion to accelerate commercial deployment of low carbon energy technologies. The new pledge is the next important step on the road to decarbonizing their operations, with methane playing a central role.<\/p>\n

Industry progress on methane has steadily accelerated over the past two years. Just last month, the CEO of XTO Energy, the shale gas subsidiary of ExxonMobil, announced a set of commitments<\/a>\u00a0to continuously<\/em> reduce methane emissions from its U.S. production and midstream operations. Shell<\/a> and Statoil are also piloting continuous methane monitoring solutions at well sites in Alberta and Texas.<\/p>\n

The near-zero aspiration is warranted. Methane emissions from human activities drive about 25% of the warming our planet experiences today, with the global oil and gas industry a major pollution source. Aggressive action to reduce methane is not a substitute for reducing carbon dioxide emissions, but it is a necessary complement to those efforts that the oil and gas industry must be challenged to make.<\/p>\n

Keeping the Promise<\/strong><\/p>\n

Lofty ambitions require strong actions to take flight. So how do we know whether the OGCI companies hit the mark? Here are five signs to watch:<\/p>\n