Exxon Supports Global Methane Reduction Pledge

Exxon Supports Global Methane Reduction Pledge
ExxonMobil has decided to support an initiative to reduce methane emissions by 30 percent below 2020 levels by 2030.

The U.S. supermajor ExxonMobil has decided to support an initiative to reduce methane emissions by 30 percent below 2020 levels by 2030.

To remind, the U.S. and the European Union announced a Global Methane Pledge to reduce methane emissions in September. More than 30 nations have now joined the pledge and more could be announced at the upcoming COP 26 climate summit.

In announcing the Global Methane Pledge, the U.S. and the European Union stated that rapidly reducing methane emissions was complementary to action on carbon dioxide and other greenhouse gases and was regarded as the single most effective strategy to reduce global warming in the near term and keep the goal of limiting warming to 1.5 degrees Celsius within reach.

ExxonMobil said that it agreed and that the company was committed to working with the U.S. government, the European Commission, and other governments to help achieve the objectives of the Pledge. The company stated that its ongoing methane reduction plans were aligned with the Pledge’s goal. 

More specifically, ExxonMobil will reduce its methane emissions by 40-50 percent by 2025 compared to 2016 levels. The company will develop, test, and deploy new methane detection and mitigation technologies. Exxon will also work with others in the industry to advance methane emission reductions.

“We also see the value of collaborating with other methane-emitting sectors – such as agriculture, livestock, and landfills -- and will share our experience, technologies, and mitigation strategies to help find solutions that work for them. Because each nation has a different methane emissions profile, contributions from all sectors will be critical to achieving the Pledge goals,” Exxon stated.

It is worth noting that Exxon’s support for methane emissions reduction was not new. In 2017, ExxonMobil signed on to the Methane Guiding Principles, and last year introduced a model framework for industry-wide methane regulations to reduce emissions in all phases of production.

Also, the company supports the U.S. Environmental Protection Agency directly regulating methane emissions for both new and existing sources of oil and gas production, as well as the 2020 European Commission Methane Strategy.

“Helping meet the growing demand for energy to support economic development around the world while minimizing environmental impacts and the risks of climate change is a critical challenge for all of us. All segments of society, including government, academia, the broader scientific community, the private sector, and consumers, must work together to find effective solutions,” the company stated.

To contact the author, email bojan.lepic@rigzone.com

What do you think? We’d love to hear from you, join the conversation on the Rigzone Energy Network.

The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy.