Turning pledges into progress: An accountability framework for reducing emissions from the oil and gas industry

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Driving Methane Action with Methane Accountability

Methane is a powerful driver of climate change and immediate and decisive action is required to address this urgent threat.

Methane emissions are responsible for at least 30% of today’s warming, and reducing them from the oil and gas industry is one of the most cost-effective options to limit near-term global warming. The world has taken note, and many countries and oil and gas companies have committed to drastically slash methane emissions by 2030.

Yet despite these pledges and promises, methane emissions remain at near record levels. 

Oil and Gas Decarbonisation Charter – A Proving Ground for Methane Accountability

At COP28 in the UEA, 50 companies pledged to reach near-zero upstream methane emissions by 2030; end routine flaring by 2030; and reach net-zero emission operations by 2050. If fully realized, EDF calculates that the commitments of this Oil & Gas Decarbonization Charter (OGDC) would translate into an 80- to 90% reduction compared to current levels. 

Reducing methane emissions is a critical test of the oil and gas industry’s commitment to climate action because mitigation opportunities are large, fixes are cost-effective and controlling leaks improves operational efficiency.

Methane Accountability Initiative – Driving Methane Accountability and Action

Developed by IEA, IMEO and EDF, a new framework will track progress by oil and gas operators toward the emissions and flaring targets set out in the OGDC.

To ensure real-world results are tracked and measured, the initiative will leverage data from a new generation of satellites including EDF’s MethaneSAT and Carbon Mapper—both of which launched this year—and other technologies. 

The Methane Accountability Initiative framework has three sets of 25 metrics:

• Emission reduction targets and clean energy investment
• Metrics for implementation
• Disclosure and public reporting

Only a First Step Toward Global Accountability

IEA, IMEO and EDF will publish an independent assessment annually, covering OGDC signatories as well as the world’s 100 largest oil and gas producers. 

The first evaluation, planned for early 2025, will assess whether companies have the necessary targets, plans and reporting processes in place. 

Subsequent scorecards will quantitatively assess the levels of each criterion, whether specific targets are in line with the OGDC and the needs to limit warming to 1.5 °C, and track progress towards established goals.

With 54 companies now signed on, OGDC is well-positioned to lead the industry as a whole in accelerating its efforts to tackle climate change.

The new framework is the first product of an independent methane accountability initiative launched last year at COP28.

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