The #GlobalMethanePledge is being launched now at COP26. Result of a massive diplomatic effort by the #EU and the #US, the pledge has now joined over 80 signatories, covering over 2/3 of the global GDP and about 46% of the global #methane emissions. 1/8…
The signatories pledge to cut 30% of global CH4 emissions by 2030, targeting all major emitting sectors #agriculture, #waste, #energy. This is a major step forward & the first time CH4 made it to the top of Global Leaders' priorities list. Many more steps needed looking ahead 2/8
The pledge covers emissions that can be reduced via targeted measures - a lot, but not enough to keep CH4 emissions aligned with 1.5C goal. another 10-15% of reductions must take place via indirect measures incl. #energyefficiency and changes in energy consumption patterns 3/8
A continued diplomatic push is a must to get top-three emitters #China, #Russia, and #India on board, if at least the 30% reduction goal is to stay within reach. This should be combined by a solidarity offer to LDCs and EMDE countries who might otherwise not be able to commit 4/8
30% is a cross-sectoral goal, but #energy sector is able to and must deliver the most and at the quickest pace. Responsible for ca. 40% of CH4 emissions (div. btw oil, coal and gas), it can reduce as much as 75% of its methane footprint by 2030 at net-zero or very low cost. 5/8
As methane is a tradable commodity, most of the measures that can to be taken by the #oilandgas industry pay for themselves - it is therefore not the place where the public money of today's Pledge signatories needs to go. 6/8
Instead, the signatories must make sure they provide substantial financial support to a transparent monitoring and reporting regime (#IMEO's Nr 1 candidate), an efficient governance mechanism to coordinate actions & assistance to the efforts of the countries of Global South. 7/8
A final thought: #GlobalMethanePledge is a big step forward but of a complementary nature as it can't, shouldn't replace the global efforts to drive down #CO2 emissions. The most efficient way to do so is to sustainably & rapidly reduce global demand for #coal, #oil and #gas 8/8

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More from @Energy_in_Asia

4 Nov
A historic moment at #COP26 #Energyday: 20 countries incl. #UK #US #Canada agree to end international direct public finance in ALL unabated #FossilFuels by 2022, shift the billions to #cleanenergy. Why this is such a big deal and what must happen next? 1/8 Image
This year has seen countries put an end to international #coal finance - #G7, #China at #UNGA, #G20. This is the FIRST time in history developing and developed countries alike acknowledge the socio-economic and climate risks of #oil and #gas public finance. 2/8
1/2 of signatories are developing countries, LDCs: a strong political signal to energy financiers that the argument "developing countries need more #oil & #gas finance for economic growth" is a constructed reality not aligned with real needs of these countries or the 1.5 goal 3/8
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24 Oct
Well, breaking news will now keep coming every day ahead of #COP26 but this one could have MASSIVE implications for global energy markets & #fossilfuel demand: #China announces first details of its carbon neutrality framework aiming at #netzero by 2060 1/5…
The document introduces several consumption "peaks": peak #coal by 2025, peak #oil during the 15th 5-yr plan (2026-2030). Food for thought for #China's largest oil suppliers #SaudiArabia, #Russia, #Iraq, #Angola, #Brazil; and coal suppliers #Russia, #Indonesia, #Australia. 2/5
Energy #efficiency is one of the highest priorities. 2025 target is to reduce energy intensity of GDP by 13.5% compared to 2020 (note, the baseline is the COVID year)! New standards and certification to be introduced for #steel & other energy-intensive industries. 3/5
Read 5 tweets

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