Southeast Asian Energy Sector Stakeholders Focus On Reducing Methane Emissions
KUALA LUMPUR, Nov 21 (Bernama) -- Petronas and other stakeholders in Southeast Asia’s energy sector have declared that the sector can play a leading role in the region’s decarbonisation efforts by focusing on reducing methane emissions.
In a joint statement today, they called for a progressive, collaborative and inclusive approach to methane emissions in the energy sector as part of a just energy transition, which puts nature, people, lives and livelihoods at the heart of climate action.
The statement acknowledged the urgent need for sustainable climate action and believes significant accomplishments can be delivered by 2030 to achieve wider energy transition efforts.
“Therefore, the signatories of the Joint Statement on Decarbonisation and Methane Emissions Reduction vow to adopt initiatives that support the goals of the Paris Agreement while recognising that national circumstances require tailored approaches,” the statement said.
The signatories are Petronas, Ministry of Mines and Energy Cambodia, PT Pertamina (Persero), Myanma Oil and Gas Enterprise, Philippine National Oil Company, Singapore LNG Corporation Pte Ltd, PTT Public Company Limited, and the ASEAN Centre for Energy (ACE), which are also members of the ASEAN Council on Petroleum (ASCOPE).
The signatories said they are committed to establishing a Southeast Asian oil and gas sector methane emissions baseline as early as 2025, as informed by internationally recognised practices, to be followed by a quantifiable collective methane emissions reduction ambition by 2030.
“We will also proactively advocate for an inclusive energy transition through meaningful dialogues that align with the climate aspirations set by governments to drive targeted, tangible and scalable emissions reduction that considers the broader impacts of the energy transition.
“We will share practices and the region’s progress on decarbonisation and methane emissions through ASCOPE,” they said.
In addition, the signatories aimed to collaborate across the Southeast Asian energy value chain to champion innovative solutions for methane emissions management, as well as strengthening measurement, monitoring, reporting, verification, and mitigation measures, wherever possible.
“In addition to committing to these actions, the signatories also encouraged peers from across the broader Southeast Asian energy ecosystem to join their efforts to drive industry leadership and position the region as a progressive methane emissions reduction leader,” the joint statement said.
In addition to these commitments, the signatories also encouraged peers from across the broader Southeast Asian energy ecosystem to join their efforts to position the region as a progressive methane emissions reduction leader.
This joint statement aligns with Petronas’ Net Zero Carbon Emissions by 2050 Pathway, in particular its near-term and medium-term methane emissions reduction targets.
The national oil company also made pledges to the Oil & Gas Decarbonisation Charter, the Methane Guiding Principles, the United Nations Environment Programme’s Oil and Gas Methane Partnership 2.0 and its development of the Methane Leadership Program.
As such, methane emissions from Petronas’ group wide natural gas value chain operations have been reduced by 58 per cent as of 2023, compared to its target of a 50 per cent reduction by 2025 compared to the 2019 baseline.
Methane is the second largest contributor to global greenhouse gas (GHG) emissions and is responsible for at least a quarter of today’s global warming.
According to the International Energy Agency (IEA), the energy sector is a major methane emitter, accounting for over a third of methane emissions attributed to human activity.
Reducing methane emissions from the fossil fuel industry is one of the most cost-effective ways to reduce greenhouse gas emissions, with around 40 per cent of today’s methane emissions from fossil fuels could be avoided at no net cost.
-- BERNAMA
