The Global Race to Zero Methane Emissions Challenge: Methane emissions from the global oil and gas industry represent approximately $30 billion in wasted natural resources.
Today, vast methane emissions from the global oil and gas industry are punching the accelerator on the rate of climate change we are experiencing, and represent approximately $30 billion in wasted natural resources. Reducing methane emissions is among the biggest greenhouse gas bargains in the world—an immediate, actionable opportunity to help avert catastrophic climate change while generating economic value, encouraging local development, reducing negative impacts on health, and creating jobs.
The goal of the Global Race to Zero Methane Emissions Challenge is taking a war room approach to rapidly reduce the amount of methane emitted from the global oil and gas industry—reducing 5.6 billion tons of CO2 equivalent emissions or eight percent of global greenhouse gasses from the atmosphere.
We have catalyzed a network of oil and gas operators, financiers, equipment manufacturers, engineering contractors, and entrepreneurs dedicated to providing the capital and the innovation necessary to radically decrease the number of flares and increase the number of methane abatement projects globally. Our goal is to cut global methane emissions from oil and gas by 40 percent in the next 10 years and ultimately achieve the goal of no intentional vents or ignored leaks across the oil and natural gas supply chain by 2030.
To achieve these goals, our program will:
- Establish an innovation platform to deploy existing technologies, adopt new technologies, design new business models, and establish new ways of deploying solutions. These efforts will provide project developers what they need to initiate a project, attract finance, assemble the right team, plan the project, select the right partners, execute the plan, and provide feedback to further reduce costs and shorten the schedule for the next project cycle
- Open the sector to entrepreneurs by working with governments and operators to provide critical information in a straightforward format allowing project developers to quickly and efficiently make business cases for methane abatement projects
- Generate a flow of robust projects by providing primers, guides, training, and advice to local and regional businesses
- Establish critical links between multilateral finance institutions, commercial banks, and project developers to advance revised or completely new financial instruments to ramp up project origination
- Accelerate the flow of investment into the sector through coordination across financial institutions, access to carbon finance instruments, training, and experience sharing for investors
- Promote demonstration projects in key countries to remove barriers to market entry for existing and new technologies
- Host innovation challenges to create new business and technical solutions where gaps exist
We are harnessing the convening authority of existing industry and multilateral initiatives to bring the right leaders from industry, civil society, and finance together in a concerted and sustained effort. We are partnering with the World Bank to leverage its Global Gas Flaring Reduction Program with commitments from 21 key producing nations and 13 major national and international oil companies. We have also partnered with Stanford University’s Natural Gas Initiative and the Environmental Defense Fund—the leading research organization in methane science. And we are working closely with the European Bank for Reconstruction and Development to bring together major multilateral finance institutions to bring transparency to the policies and instruments that can increase capital flow to methane abatement projects worldwide.
For more information, please contact:
Director, Global Methane Program