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Global Methane Tracker 2024

Global Methane Tracker 2024
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Why in news?

Recently, International Energy Agency (IEA) has released Global Methane Tracker 2024


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

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