(WASHINGTON, DC) Global oil and gas giant BP today announced its first quantitative methane target as part of several climate initiatives outlined in BP’s Energy Transition report. In a carbon-constrained economy, the climate footprint of oil and natural gas companies becomes an increasingly important metric for investors, policy makers, and civil society alike. A recent Environmental Defense Fund analysis provides critical guidance for operators and other stakeholders on setting and evaluating corporate targets.
“The stringency and immediacy of BP’s initial methane target is constructive. However, going forward, it is necessary that BP expand coverage by including emissions from all oil and gas activities.
“Methane targets are a critical component in risk management and an important public marker for an industry under increasing scrutiny to pursue climate solutions. Verifiable, empirical data and transparency are essential to the credibility of any emissions management program.”
·Ben Ratner, Senior Director, EDF+Business
The International Energy Agency reports that more than half of upstream methane emissions come from oil production activities. As more energy companies and industry coalitions develop methane targets, it is essential that upstream methane emissions from both the oil and gas sides of the business are included in order for targets to be credible and effective long-term.
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