Methane News: Top Takeaways from COP29 and Insights from Carbon Mapper

With 2024 quickly drawing to a close, recognizing the importance of methane emissions abatement remains central to global decarbonization. Since 2021, when many O&G players committed to the Global Methane Pledge (GMP), the call to cut methane emissions has only grown stronger. This year itself has seen significant advancements in policy, technology, investment, and strategy to influence a meaningful decline in GHG emissions.

This month’s edition of Methane News sheds light on the latest happenings in the world of methane mitigation, the top takeaways from COP29, and the road to Belem.

#1 A Breakthrough
Just recently, Carbon Mapper identified more than 400 methane and CO2 plumes using data collected from Planet's Tanager-1 satellite, part of the Carbon Mapper Coalition. This data is already driving significant action, including the resolution of a major leak in the Permian Basin that was detected and successfully mitigated.

This achievement represents the first verified methane mitigation effort enabled by this technology, highlighting how access to accurate emissions data empowers decision-makers to focus on targeted solutions that reduce waste and curb methane emissions. Additionally, Carbon Mapper has carried out several pilot airborne surveys in U.S. states such as California and Colorado. (Source: Carbon Mapper)

#2 What Happened at COP29
After two weeks of intense negotiations, the curtain closed on the 29th Conference of Parties (or COP29) on November 24 in Baku, Azerbaijan. Here are the highlights…

1. Climate Finance
With finance dominating the agenda at COP29, developed nations agreed to help channel “at least” $300bn a year into developing countries by 2035 to support their efforts to deal with climate change - far short of the $1.3 trillion figure that dominated discussions. 

2. Article 6 of the Paris Agreement
Following nearly ten years of negotiations, COP29 marked a significant milestone with the adoption of new guidelines for Article 6 of the Paris Agreement. These rules introduce a framework for trading carbon credits linked to efforts in reducing or eliminating greenhouse gas emissions, potentially transforming global approaches to addressing the climate crisis.

3. The Targets
The 2024 Emissions Gap Report states that to restrict global warming to 1.5°C, emissions need to be cut by 42% by 2030. However, current climate policies are projected to result in a global temperature increase of 2.6°C to 3.1°C by the end of the century.

4. Road to Belem
As we look ahead to COP30 in Belém, there must be a stronger emphasis on effective implementation, ensuring accountability, and fostering collaboration among stakeholders to overcome existing divides.

LISTEN: Episode 6: Reflecting on COP28 Methane Mitigation Outcomes with OGMP 2.0

#3 Methane: keeping up momentum
In March 2024, the Environment and Climate Change Committee launched an inquiry to examine whether the UK is on track to achieve the target set out by the Global Methane Pledge (GMP). This December, the committee has published a report, ‘Methane: keeping up momentum’, which calls for the UK to keep up momentum on cutting methane emissions at home, whilst using its scientific expertise to be more engaged in international leadership.

This report notes that in charting a path forward, the Government should balance economic considerations of action on methane against the cost implications of climate and adaptation impacts of inaction on methane. (Source: UK Parliament)

Even though the UK doesn't have its own regulation, is clear from the Prime Minister's address at COP29 that there is lots of work to be done to meet future climate goals, in methane emissions reduction and beyond.

#4 Shell and Equinor merge UK oil and gas assets
Additionally, on December 5, 2024, it was announced that Equinor and Shell will be combining their UK offshore oil and gas assets and expertise to form a new company which will be the UK North Sea’s biggest independent producer. Jointly owned by both Shell and Equinor, the new company will invest to provide a long-term future for the individual oil and gas fields and platforms, helping extend the life of this crucial sector for the benefit of the UK. (Source: Wood Mackenzie)

READ: How NMOGA is Balancing Industry Growth with Environmental Responsibility

Methane Mitigation Europe Summit
February 24-27, 2025 | Amsterdam
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Methane Mitigation Technology & Innovation Summit
June 2-4, 2025 | Austin, TX
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