Ipieca is an Associate Signatory to the Methane Guiding Principles, alongside the International Gas Union (IGU) and the International Association of Oil and Gas Producers (IOGP), to increase focus on reducing methane emissions across the natural gas value chain.
While the three global associations do not have a mandate to enjoin their members, as Associate Signatories they will play an important role in encouraging the application of the Guiding Principles.
This commitment forms part of wider efforts by the global energy industry to ensure that natural gas continues to play a critical role in helping meet future energy demand while tackling climate change and improving air quality. Since natural gas consists mainly of methane, a potent greenhouse gas, its role in the transition to a low-carbon future will be influenced by the extent to which methane emissions are reduced.
'Numerous scientific studies have shown how important it is to quickly reduce methane emissions so we can meet growing demand for natural gas while achieving climate change and clean air goals,' said Mark Radka, Head of UN Environment’s Energy and Climate Branch. 'We’re delighted that the IGU, Ipieca and the IOGP have become Associate Signatories to the Methane Guiding Principles. These organisations can help extend the spirit and intent of the Principle throughout the natural gas value chain and report on the reductions achieved.'
The Guiding Principles focus on: continually reducing methane emissions; advancing strong performance across gas value chains; improving accuracy of methane emissions data; advocating sound policies and regulations on methane emissions; and increasing transparency.
Brian Sullivan, Executive Director of Ipieca stated that 'Contributing as an associate signatory to the Methane Guiding Principles is a natural extension to our long history of work with our members and our stakeholders on climate change and methane. We will add value through our broad global membership to raise awareness, share knowledge and encourage uptake of good practices to address this important element in the pathway to a low emissions future.'
To date, 23 companies have signed the Principles, including Ipieca members Baker Hughes, bp, Chevron, Eni, Equinor, ExxonMobil, PETRONAS, Qatar Petroleum, Repsol, Shell, Total, Wintershall and Woodside.
The Methane Guiding Principles were developed with a coalition of international institutions, non-governmental organizations and academics, including the Environmental Defense Fund, the International Energy Agency, the Oil and Gas Climate Initiative Climate Investments, the Rocky Mountain Institute, the Sustainable Gas Institute, The Energy and Resources Institute, and United Nations Environment.