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Why in news?
Recently, International Energy Agency (IEA) has released Global Methane Tracker 2024
Background:
The Global Methane Pledge, led by the US and EU, aims to slash methane emissions by 30% by 2030
About Global Methane Tracker
- The Global Methane Tracker is an annual report released by the International Energy Agency (IEA).
- It provides the most recent data on methane emissions from the energy sector, incorporating new scientific studies, measurement campaigns, and satellite- collected information.
Key Highlights of the 2024 Report:
- Methane emissions from fuel use in 2023 were nearly the highest ever, at 120 million tonnes (Mt). This is a slight increase compared to 2022.
- Bioenergy, a renewable energy form generated by plant and animal waste, contributed an additional 10 million tons of emissions.
- Of the 120 Mt of methane released into the atmosphere, around 80 million tons came from just 10 countries.
- The United States led in methane emissions from oil and gas operations, closely followed by Russia.
- China led in emissions from coal operations.
- To achieve the Paris Agreement goal of limiting warming to 1.5°C, the world needs to reduce methane emissions from fossil fuels by 75% by 2030.
- The IEA estimated that this goal would require about $170 billion in spending, less than 5% of the income generated by the fossil fuel industry in 2023.
About the International Energy Agency (IEA):
- The IEA is an autonomous inter-governmental organization within the Organisation for Economic Co-operation and Development (OECD) framework.
- It was created in response to the 1973-1974 oil crisis when an oil embargo by major producers pushed prices to historic levels and exposed the vulnerability of industrialized countries to dependency on oil imports.
Read also: Greenhouse Gases
