The recent Baku Climate Action Week emphasized the urgent need for cleaner natural gas as NGOs urge oil companies to reduce methane emissions before COP29. During the summit held in the Azerbaijani capital, academics and businesses discussed the importance of cleaning up natural gas to combat global warming and air pollution. Non-profit organizations are currently collecting data independently to monitor methane emissions from companies and ensure that they are following through with emission reduction promises. Additionally, environmental scientists highlight the benefits of decreasing methane emissions, such as combating increased storm intensity and floods due to climate change.
Steve Hamburg, the chief scientist at the Environmental Defence Fund, emphasizes the importance of public demand and government pressure on companies to commit to reducing emissions. He notes that countries importing gas are starting to require sources with low methane emissions, indicating a growing global effort to tackle this issue. The International Energy Agency reports that the energy sector is responsible for over a third of methane emissions from human activity, with fossil fuel production and use being major contributors. This underscores the significance of taking action to limit methane emissions in order to address climate change effectively.
At the week-long summit, financial opportunities in the green sector were discussed, with Baku’s main goal for COP29 being to secure more funding for countries to reduce greenhouse gas emissions. Azerbaijan’s role as the mediator at the summit aims to facilitate achieving a consensus on finance among all parties involved. Nigar Arpadarai, the United Nations Climate Change High Level Champion for COP29, emphasized the importance of reaching the finance goal and ensuring agreement on financial matters during the summit. The event is seen as a critical test for the Paris Agreement, an international treaty aimed at addressing climate change.
In conclusion, the Baku Climate Action Week shed light on the pressing need for cleaner natural gas and a reduction in methane emissions from oil and gas companies. The discussions at the summit emphasized the role of both public demand and government pressure in holding companies accountable for emission reduction commitments. The global effort to limit methane emissions is gaining momentum, with countries importing gas increasingly requiring low-emission sources. Achieving consensus on finance at COP29 is crucial in order to secure funding for countries to reduce greenhouse gas emissions and uphold the goals of the Paris Agreement. The summit serves as a pivotal moment in the fight against climate change and highlights the importance of collaborative efforts to address this critical issue.
