Financing reductions in oil and gas methane emissions
The oil and gas industry has some of the best and most cost-effective opportunities to reduce methane emissions. The potential to do so is clear. Some countries and companies have already demonstrated that achieving near-zero emissions from oil and gas operations is technically and economically possible. There are a growing number of initiatives, policies and regulations aiming to reduce emissions globally, and many reductions can be realised while saving money. However, overall progress has been much too slow, despite the record profits that the oil and gas industry saw in 2022. This report looks in detail at the investment requirements to deliver a sharp reduction in oil and gas methane emissions to 2030, and how these could be financed. The analysis is intended to inform discussions in the runup to COP28 and help prompt the necessary actions to accelerate the pace of change.