Greenhouse gases, including carbon and methane, in the atmosphere, have reached their highest level ever recorded and are still increasing. Researchers agree emissions need a drastic reduction to tackle the climate change crisis currently facing the world. However, meaningful progress can only happen with significant changes to how the oil and gas industry manages its emissions.
Studies show, out of the 37.1 billion tons of carbon produced by human activity, the industry's carbon footprint is at least 2.6 billion tons annually. Emissions management, without a doubt, is shaping the moment for the oil and gas (O&G) industry for the near future. This blog will highlight the critical need for emissions management and how it can help reverse climate change.
Many people vilify the oil and gas industry for its role in global warming and the subsequent climate change crises. However, this sector can address the climate change issue. In recent times, industry players have focused on effective emissions management strategies in a bid to win the race to net zero emissions at the individual company level. In November 2020, major players in the O&G industry agreed to use new and innovative techniques to report methane emissions for a higher level of transparency. A solid commitment to measure and monitor emissions is a critical first step in reducing these emissions.
There has also been a notable adoption of innovative technologies to help companies detect leaks and eliminate flaring and venting in all phases of their value chain. Experts reveal that the renewed commitment to cut emissions can deliver a near-term reduction in the global warming rate. This will undoubtedly complement the global efforts to decarbonize the world's energy and transport systems with the advantage of delivering air quality benefits. The following are some of the benefits of effective emissions management in the oil and gas industry.
Emissions management efforts that focus on cutting methane emissions are undeniably one of the fastest opportunities the world must immediately slow the rate of global warming. The oil and gas sector is undeniably one of the largest human-caused emissions sources of methane. Studies tell us the industry currently produces about one-quarter of global anthropogenic methane emissions.
Cutting methane emissions by 90% will reduce two-tenths of a degree Celsius from the forecasted global average temperature rise by 2050. Reducing methane emissions by 75% will prevent up to six gigatons of CO2 equivalent emissions each year. This equals 10% of the world's 2019 greenhouse gas emissions.
Currently, the oil and gas industry is under immense pressure from governments and other stakeholders to reduce its carbon footprint. In November 2022, the EPA introduced a new Clean Air Act to reverse climate change and protect people's health. The new regulation requires companies to achieve significant methane emissions management and other greenhouse gases that continue to endanger livelihoods. The proposed regulations aim to reduce forty-one million tons of methane emissions by 2035.
Incorporating emissions management strategies into mainstream oil and gas operations helps meet emissions reduction goals set by stakeholders to mitigate climate change. It is also an effective way to demonstrate your compliance in the face of an increasingly regulatory environment.
Reducing greenhouse gas emissions to slow climate change can improve air quality and prevent millions of premature deaths caused by air pollution over the next century. A new study commissioned by NIEHS highlights additional benefits of robust emission management on air quality and human health. Exposure to air pollution links to illnesses, including heart and respiratory diseases.
Air pollution and greenhouse gases typically originate from the same sources, which means cutting greenhouse gas emissions with a view of reversing climate change translates to reduced air pollutants, such as fine particulate matter. The study estimates that reducing greenhouse gas emissions will prevent an estimated 0.5 million air pollution-related premature deaths in 2030.
Environmental, Social, and Governance (ESG) criteria are standards that guide a socially conscious investor in screening potential investments. The Environmental criteria focus on the company's performance as a caretaker of nature, including how they manage their emissions. With increased awareness of the role the oil and gas industry play in exacerbating climate change, investors now focus on the company's ESG criteria related to tackling emissions. Oil and gas companies now consider robust emission management strategies as an effective way to attract more investments.
The International Energy Agency reveals there could be a reduction of approximately three-quarters of methane emissions with technological innovations. Aegex Technologies provides innovative digitization tools that can help optimize your emissions management efforts. Aegex's NexVu IoT solution provides accurate and timely methane emissions detection, measurements, and monitoring in remote locations. The aegex10 Intrinsically Safe Tablet has an integrated Windows 10 platform and data-driven predictive maintenance technologies that help enhance your predictive maintenance in your value chain to reduce leaks from old, broken, or malfunctioning equipment. Contact us today to learn more.