EU To Reduce Methane Emissions

London: 15 November 2023 (TraderMade): The European Union has agreed to enforce methane emissions limits on oil and gas imports into Europe by 2030, signaling a move to curb the potent greenhouse gas release.

Methane, the second-largest contributor to climate change, has an immediate and substantial warming impact, making swift reductions crucial to averting severe climate consequences.

Following extensive negotiations, EU member states and the European Parliament concluded that "maximum methane intensity values" would be imposed on foreign producers supplying fossil fuels to Europe by 2030,the EU council representing member states stated.

The new regulations may impact significant gas suppliers, including the United States, Algeria, and Russia.

Methane emissions often result from leaky pipelines and infrastructure in oil and gas fields. The European Parliament and EU member states will execute a final approval, a customary step for pre-agreed deals.

In addition to methane intensity limits, the regulation introduces new obligations for the oil, gas, and coal sectors to monitor, report, and verify methane emissions.

The deal compels European oil and gas producers to regularly inspect and rectify leaks while phasing out most intentional methane burning or release into the atmosphere by 2025 or 2027, depending on infrastructure type.