- Wednesday, October 16, 2024
A new report released on Sunday at the global climate summit in Dubai highlights the alarming rate at which the Earth is warming, making it inevitable to surpass the climate goals outlined in the Paris Agreement unless drastic measures are taken to reduce fossil fuel usage.
According to the report, if current emissions levels continue, the 1.5-degree goal will be surpassed within the next six to seven years. Moreover, even if existing policies are fully implemented, global temperatures are projected to rise by more than 2 degrees Celsius by the end of this decade.
As the COP28 climate summit commences in Dubai, world leaders are expected to outline their plans for achieving the goals specified in the 2016 Paris Agreement and present additional climate-related commitments made since then.
Although President Joe Biden is not attending this year's summit, the White House has recently introduced new regulations focused on methane emissions. These include a $3 billion pledge to the Green Climate Fund and a strategy to achieve a 50% to 52% reduction in emissions by 2030.
Among the Environmental Protection Agency's new policies are bans on flaring natural gas from oil wells, mandatory leak monitoring at oil well sites, and the use of remote detection methods for large methane releases.
The White House estimates that these rules will prevent the release of approximately 1.5 billion metric tons of carbon dioxide, equivalent to nearly all the carbon dioxide emitted by the power sector in 2021.
Additionally, the administration highlights other efforts to reduce methane emissions, such as sealing oil and gas wells and leaks, reclaiming abandoned coal mines, minimizing agricultural emissions, and implementing new technologies for detecting and preventing significant methane releases.
Major Oil and Gas Producers Pledge to Reduce Methane Emissions
A group of 50 major oil and gas producers, including industry giants Exxon Mobil and Saudi Aramco, have pledged to take substantial action to reduce methane emissions. Their commitment includes a goal of achieving near-zero methane emissions by 2030 and putting an end to routine flaring during drilling operations. However, it is important to note that these companies have not made a commitment to reduce oil and gas production.
While this pledge is considered a step in the right direction, critics argue that it falls short of addressing the issue of emissions from fossil fuel consumption. U.N. Secretary-General António Guterres expressed his concern, stating that while the fossil fuel industry is starting to take notice, their promises do not meet the requirements necessary to combat climate change effectively.
This announcement comes at a time when the world is witnessing an increase in the frequency and severity of weather-related disasters, including flooding, extreme heat, and drought. As such, global leaders are convening to tackle this pressing issue.
The oil producers involved in the methane emissions pledge have reported investing $65 billion in low-carbon technologies. Additionally, they claim to have contributed to the decarbonization efforts of companies outside their group. Notable participants include Shell, Occidental Petroleum, and Brazil’s state-run producer Petrobras.
Another positive move towards reducing carbon emissions comes from the United States. U.S. climate envoy John Kerry revealed that the country has joined the Powering Past Coal Alliance, signaling a shift away from coal. This alliance consists of seven countries, including the Czech Republic, Cyprus, Dominican Republic, Iceland, Kosovo, Norway, and now the United States. They have all agreed not to develop new unabated coal power plants and have committed to phasing out existing ones.
Although no specific timeline has been provided, the U.S. administration has set a goal of completely eliminating coal usage by 2035. Kerry emphasized the importance of halting the construction of new unabated coal power plants to prevent exacerbating the problem.
These recent developments demonstrate a growing global momentum towards addressing climate change. However, it is crucial for countries and industries to continue taking bolder and more comprehensive measures to achieve meaningful progress.
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