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.