Global Methane Tracker 2024

About Global Methane Tracker

• It is an annual report released by the International Energy Agency (IEA).
• It is based on the most recently available data on methane emissions from the energy sector and incorporates new scientific studies, measurement campaigns, and information collected from satellites.

Highlights of Global Methane Tracker 2024

• Methane emissions from fuel use in 2023 were close to being the highest ever at 120 million tonnes (Mt). This is a small rise compared to 2022.
• Bioenergy, a form of renewable energy generated by plant and animal waste, caused another 10 million tons of emissions.
• Of the 120 Mt of methane that escaped into the atmosphere, around 80 million tons of methane emissions came from just 10 countries, The United States leads in methane emissions from oil and gas operations, and is “closely followed” by Russia. China, on the other hand, leads in emissions from coal operations.
• While studies suggested emissions are falling in some regions, overall emissions remain far too high to meet the world’s climate goals.
• The world needs to slash methane emissions from fossil fuels by 75 percent by 2030 to achieve the Paris Agreement goal of limiting warming to 1.5°C.
• The IEA estimated that this goal would require about $170 billion in spending. This is less than 5 percent of the income generated by the fossil fuel industry in 2023.

Q1) What is the International Energy Agency (IEA)?

It is an autonomous inter-governmental organisation within the Organisation for Economic Co-operation and Development (OECD) framework. It works with governments and industry to shape a secure and sustainable energy future for all.It was created in response to the 1973-1974 oil crisis when an oil embargo by major producers pushed prices to historic levels and exposed the vulnerability of industrialized countries to dependency on oil imports. It is made up of 31 member countries, 13 association countries, and 5 accession countries.

Source: Methane emissions from fossil fuels remain high despite progress, US tops list of emitters: IEA