Experts urge immediate action on methane mitigation

Leading climate and industry experts have urged governments and industries across the world to adopt methane mitigation plans on a priority basis.

Urgent joint global efforts are necessary to bring about concerted action on methane emissions and developed nations should take the lead by providing the necessary capital and technologies for such efforts, said the experts during a sideline event organized by the International Finance Forum, the International Chamber of Commerce and the Task Force on Carbon Pricing in Europe at the ongoing COP27 event in Egypt.

Methane reduction is a more cost-effective way to reduce greenhouse gas emissions, said experts at the methane emissions reduction event.

Cutting methane emissions by 50 percent in the next three decades could reduce global temperature change by 0.2°C by 2050.

Methane accounts for 30 percent of the global rise in temperature, according to the International Energy Agency. It is short-lived in the atmosphere than carbon dioxide but over 80 times more potent when it comes to global warming, adding the urgency in its mitigation.

Lu Xuedu, IFF academic committee member and former lead climate change specialist of the Asian Development Bank, introduced the efforts China is undertaking to launch an action plan on methane emission reduction.

China is gathering information and data on methane emissions in different sectors and working on setting standards and targets for methane emission reduction, said Lu.

The country has already launched pilot projects to cut methane emissions. For instance, rice paddies in eastern China have reduced water usage by 30-50 percent to cut methane emissions, he said.

The 2022 UN Climate Change Conference COP27 is being held in Sharm el-Sheikh in Egypt from November 6 to 18. Side events on various climate issues have also been organized alongside the main conference.

The event has invited experts from the oil and gas industry as well as international organizations to talk about the current practices and actions on methane emissions reduction.

Xue Ming from China Oil and Gas Methane Alliance, established in May 2021 by China's biggest oil and gas companies, introduced the efforts the alliance has been taking in methane mitigation.

While cutting emissions in the oil and gas industry is key for methane mitigation, raising emissions awareness is as important, said Manfredi Caltagirone, head of the International Methane Emissions Observatory.

Yvan Champagne from Carbon AI in Canada introduced Canadian province Alberta's carrot and stick policy approach in reducing methane emissions, which has effectively cut methane by 34 percent between 2014 and 2020.

The International Finance Forum is an independent, non-profit, non-governmental international organization founded in Beijing in October 2003. It has been established by financial leaders from more than 20 countries, and regions, including China, the United States, the European Union, emerging countries and leaders of international organizations such as the United Nations, the World Bank and the International Monetary Fund.

The IFF is a long-standing, high-level platform for dialogue and communication and multilateral cooperation and has been regarded as F20 (Finance 20) in international community.

zhengxin@chinadaily.com.cn