Over a dozen Ministers from countries around the world released a statement today calling for accelerated action to substantially reduce venting, leakage, and flaring of natural gas from oil and gas operations worldwide.  Specifically, the Climate and Clean Air Coalition intends to work with leading oil and gas companies to achieve substantial global methane and black carbon emission reductions.

It is estimated that over 8 percent of total worldwide natural gas production is lost annually to venting, leakage, and flaring.  In addition to U.S. $27 to $63 billion in energy and economic losses, these activities result in nearly two gigatons of CO2 equivalent of greenhouse gas emissions per year, over 80 percent of which are methane emissions ? making oil and gas operations the second-largest source of global anthropogenic methane emissions behind agriculture.  Flaring releases substantial amounts of black carbon, which is particularly harmful to human health and areas like the Arctic.

The Climate and Clean Air Coalition aims to help companies accelerate and expand voluntary emission reductions where there are cost-effective opportunities to do so, and to showcase progress by companies that are already taking significant action.  This effort will build upon and scale-up the achievements of the Natural Gas STAR International Program, the Global Methane Initiative, and the Global Gas Flaring Reduction Partnership.

The Coalition will work with leading oil and gas companies to collaboratively design an initiative that will quickly and meaningfully achieve substantial climate, air quality, health, environmental, operational, and financial benefits.  Initial CCAC engagement with interested oil and gas companies is commencing and will accelerate over the coming months.  Ministers from additional CCAC countries are also expected to join the effort.

For the complete article, please see UNEP News Centre.