Baku
COP29 climate conference in Baku highlights that major oil and gas companies are failing to set stringent targets to curb methane emissions, a powerful greenhouse gas that contributes significantly to global warming, according to a report on Thursday.
The report reveals that while many of the largest producers have announced plans to cut emissions to “near zero” by 2030, these targets do not address methane leaks from their entire operations.
The report, titled Absolute Impact 2024, assesses emissions reduction pledges from 30 major oil and gas firms and finds that none of these companies have set comprehensive methane reduction targets covering all aspects of their business. While some European firms, like Eni, TotalEnergies, and BP, have committed to reducing emissions from their products by 2030, many others, including ExxonMobil and Saudi Aramco, focus only on emissions from their own operations, neglecting the methane released during product use.
Olivia Bisel, lead author of the report, criticized the industry’s lack of action, stating that oil and gas companies are merely paying lip service to climate action, while their products continue to fuel extreme weather events. The report stresses that reducing methane emissions is one of the most effective and achievable ways to slow global warming, as methane is 82-87 times more potent than CO2 in the short term and responsible for a third of global warming to date.
