Attendee Insights on the Biggest Methane Mitigation Challenges and Investment Priorities

Methane is the second most significant driver of climate change after carbon dioxide, with a global warming potential 28 times greater than that of carbon dioxide over 100 years and 84 times greater over 20 years. Recognizing its impact, methane emissions have become crucial in shaping climate goals for 2050, particularly within the energy sector, which accounts for about 33% of global methane emissions. 
 
Against this backdrop, industrial stakeholders are quickly recognizing that high emissions intensities can be cost-effectively addressed through a well-established combination of standards: effective regulations and technological innovation. However, one of the biggest challenges highlighted by experts within the field is the ‘technology minefield’. Companies must first define and articulate their overall goals and strategies for methane reduction and then identify the drivers for their methane emissions sources. 
 
Those two critical first steps are essential to help “prefilter” the over 300 possible technological solutions companies may wish to explore. 
 
Additionally, the regulatory landscape plays a notable role in raising awareness and actively promoting the testing of various technologies and solutions. Companies operating in industries with high methane emissions, such as oil and gas, are increasingly required to comply with stricter regulations aimed at reducing environmental impact.   

READ: Decoding the EU Methane Regulation for the Energy Sector
 
Attendee responses from a poll conducted at the Industrial Decarbonization Network’s global Methane Mitigation Technology & Innovation Summit held in June 2024 concluded: 

Key Takeaways:  

• 25% of participant organizations highlighted real-time monitoring as a priority within their methane emissions reduction efforts. Not only that, 35% consider real-time monitoring a significant challenge and 23% consider it a major investment priority 
• For operators evaluating methane monitoring technologies, accuracy is the most important factor, highlighting its critical role in effective methane emissions management 
• While accuracy and compliance are key factors influencing technology selection, 40% of participating organizations find ‘employing the correct technology mix’ a challenge, highlighting that there is no one-size-fits-all solution 
• Data analytics has emerged as an important factor, showcasing a clear trend towards leveraging advanced, data-driven solutions to tackle methane emissions 
• A 15% focus on change management as an investment priority indicates that stakeholders are preparing to adapt to new regulations, technologies, and methodologies
• 31% of attendees highlighted reduction technologies as a big area of investment to align with long-term sustainability goals and to stay ahead of the regulatory curve 

Looking ahead, it can be said that the mitigation technological landscape is poised and well on its way to witness significant advancements in the next decade. Emerging technologies such as blockchain, the Internet of Things (IoT), and quantum computing hold the potential to spearhead mitigation efforts by improving data accuracy and transparency, while simultaneously enabling real-time monitoring, data sharing, and predictive analysis.  
  
One the other hand, the urgency of addressing climate change and meeting global climate action targets will continue to drive momentum. Standards in US, EU, and Canada are moving in the right direction, and with strict regulatory frameworks in place, companies will be able to confidently deploy solutions that are designed to serve them over the next 5 to 10 years.  
  
“Key solutions will involve identifying the appropriate technology mix on the hardware side and integrating them into a single software with the ability to not only calculate methane emissions but also encompass emissions from every facet of oil and gas operations”, Philip Richard, Director of Business Development and Alliances, Envana Software Solutions.  

LISTEN: Episode 7: Highlighting the Importance of Continuous Emissions Monitoring with Sensirion

Learn more about key industry challenges, technological solutions and more at our upcoming events: 

Methane Mitigation Canada Summit
Calgary, September 30 - October 2, 2024

Methane Mitigation America Summit
Houston, December 3-5, 2024

Methane Mitigation Europe Summit
Amsterdam, February 24-27, 2025