Summary
To mitigate climate change, greenhouse gas emissions need to be halved by 2030. The oil and gas industry contributes significantly to methane emissions, which can be abated at little to no extra cost. The EU Methane Strategy aims to reduce emissions within its Member States and address imports’ methane emissions.
The EU’s heavy reliance on imported natural gas necessitates the consideration of imported emissions to reduce methane emissions effectively. Implementing import regulations requires credible assessments of each gas batch’s methane emissions performance.
A globally applicable certification system, independently audited and verified, is needed to create a level playing field. The MiQ Standard and Certification can reduce methane emissions from natural gas by 80% in five years.
The Need for Certification
- The EU’s natural gas dependency underscores the importance of import regulations to reduce methane emissions.
- Regulatory tools such as setting upper limits, imposing taxes, or incentivizing lower emissions require easily comparable data.
- Reporting should focus on an asset/platform level to improve credibility, with data independently audited and verified.
Introducing MiQ Certification
- MiQ Certification, launched in late 2020, assesses methane emissions performance at a platform/asset level.
- Independently audited and verified, MiQ Certification ensures credibility, transparency, and flexibility.
- Data collected on an asset-by-asset basis enables accurate certification of each gas batch.
- MiQ Certification is globally applicable and compatible with existing and future voluntary actions.
Transitional Framework and Impact
- A transitional framework is needed to reduce emissions while ensuring security of supply.
- Phased approaches, such as disclosing methane emissions and imposing maximum emission levels, can lead to significant emissions reductions.
- MiQ certificates can be used to implement taxation or incentives, leading to an 80% reduction in methane emissions from imported natural gas within five years.
Next Steps
- The EU Methane Strategy highlights the need for import regulations for methane emissions.
- Import regulations should be supported by a globally applicable certification scheme like MiQ.
- Natural gas producers can voluntarily adopt MiQ Certification in 2021, driving global methane abatement efforts.
In conclusion, addressing methane emissions in imported natural gas is crucial for climate action. Implementing a certification system like MiQ can significantly reduce emissions and simplify import regulations, ultimately contributing to a greener future.