Why is it in the News?

As per the International Energy Agency’s (IEA) Global Methane Tracker 2024, methane emissions from fuel consumption in 2023 approached record levels, nearing their highest point in history.

About the Global Methane Tracker:

• The Global Methane Tracker is an annual publication issued by the International Energy Agency (IEA), presenting the latest data on methane emissions primarily from the energy sector. It integrates recent scientific research, measurement campaigns, and satellite data.

Key Highlights from the Global Methane Tracker 2024:

• Methane emissions from fuel usage in 2023 approached record levels, reaching approximately 120 million tonnes (Mt), marking a slight increase from the previous year.
• Bioenergy, derived from plant and animal waste, contributed an additional 10 million tons of emissions.
• Out of the total methane emissions, around 80 million tons originated from ten countries, with the United States and Russia leading in emissions from oil and gas operations, and China leading in emissions from coal operations.
• Despite indications of declining emissions in certain regions, the overall methane emissions remain alarmingly high, posing a significant challenge to achieving global climate objectives.
• To align with the Paris Agreement goal of limiting warming to 1.5°C, there is a critical need to reduce methane emissions from fossil fuels by 75 percent by 2030.
• Achieving this target would require an estimated investment of approximately $170 billion, representing less than 5 percent of the revenue generated by the fossil fuel industry in 2023.

About the International Energy Agency (IEA):

• The International Energy Agency is an intergovernmental organization headquartered in Paris, established in 1974.
• Its primary mandate is to ensure stability in the international oil supply, a response to the oil crisis of 1973, which led to temporary disruptions in the global oil supply chain.
• Operational Framework: The IEA functions within the broader scope of the Organization for Economic Co-Operation and Development (OECD).
• Membership: As of 2022, the IEA comprises 31 member nations, with India joining as an associate member in 2017.
• Key Requirement: Member countries are obligated to maintain reserves equivalent to 90 days of the previous year's net oil imports.
  • These reserves must be readily accessible by the government to address potential disruptions in the global oil supply chain, even if the reserves are not owned directly by the government.

Why in the News?

Recently, the International Energy Agency (IEA) released the World Energy Outlook (WEO) Report 2023.

About World Energy Outlook 2023:

• This flagship publication of the International Energy Agency (IEA) has appeared every year since 1998.
• It provides in-depth analysis and strategic insights into every aspect of the global energy system.
• This year, the report delves into how changes in economies and energy usage are meeting the increasing demand for energy amid geopolitical tensions and fragile energy markets.
• It evaluates the evolution of energy security fifty years after the establishment of the IEA and looks at what's necessary at the COP28 climate conference in Dubai to support the 1.5 °C goal.
• The publication analyzes today's energy trends, covering areas like investment, trade flows, electrification, and energy access.

About the International Energy Agency (IEA):

• The International Energy Agency (IEA) is an independent inter-governmental organization operating within the framework of the Organisation for Economic Co-operation and Development (OECD).
• Its mission involves collaborating with governments and industry to create a secure and sustainable energy future.
• Established in 1974 to safeguard oil supplies, it was a response to the 1973-1974 oil crisis, which exposed the vulnerability of industrialized nations to oil import dependencies due to an oil embargo.
• Comprising 31 member countries and eleven association countries, IEA candidates must be OECD members.
• India joined as an Associate member in 2017.
• The IEA publishes reports such as the World Energy Outlook, World Energy Balances, Energy Technology Perspectives, World Energy Statistics, and Net Zero by 2050.