The methane emitted by oil and gas companies in Australia is being significantly under-reported.It means our biggest emitters will need to double their rates of emissions cuts by 2030.
Methane is 80 times more potent than CO2 as a greenhouse gas for the first 20 years after it's released into the atmosphere.The gas is responsible for around 30% of current global warming.
It's emitted when coal, natural gas and oil are extracted.
This map shows global methane super-emitters detected since 2019 and attributed to human activity.
Most companies in Australia report their methane emissions, but satellite data shows those reports are essentially guesses.
IEA data from February shows methane emissions from the energy sector in Australia are 63% higher than government estimates.
Under the Safeguard Mechanism, Australia’s 215 biggest emitters must cap carbon dioxide equivalent pollution by a declining rate every year.
"The under-reporting will have a very material impact on the Safeguard Mechanism baseline declines.
Based on our calculations, the baseline decline rate would need to be doubled from 4.9 per cent to 9.8 per cent a year for covered facilities.”
Amandine Denis-Ryan
Institute for Energy Economics and Financial Analysis
(IEEFA)
One IEEFA suggestion is to follow the US example and give new powers to environmental agencies to monitor and reduce emissions from the oil and gas sector.The alternative is to ramp up pressure on other industries in Australia.