OGMP reporting framework offers investors a clear and credible standard to understand and track oil and gas methane emissions
By Andrew BaxterThanks to a decade of groundbreaking research study, methane emissions from oil and gas operations have advanced from a relative afterthought amongst environment pollutants to an A-list issue in the global environment discussion, as well a widely acknowledged reputational, monetary and regulatory liability for the industry.Major investors are requiring accountable methane action from oil and gas business. Evaluating progress is challenging due to the fact that of an overall lack of reliable data, and the fact that requirements vary commonly for the methane accounting that does exist.Traditional quotes of methane from oil and gas production have actually been found to ignore emissions by 60%. In specific oil and gas basins, research studies have discovered emission rates to be more than 10 times greater than industry figures. Regardless of a growing variety of voluntary reduction targets, reporting techniques lack standards and transparency, making it virtually impossible to draw significant contrasts with time or across companies.Toward a methane accounting standardThe strenuous reporting structure developed by the Oil and Gas Methane Partnership is a groundbreaking effort to solve these difficulties, by developing a transparent and reliable standard for determining and reporting oil and gas industry methane emissions. OGMP reporting structure uses financiers a clear and reliable standard to comprehend and track oil and gas methane emissions Click To TweetThis week EDF published a guide for investors that details more background on the OGMP structure to assist investors plainly and credibly show enhancement on ESG problems within their oil and gas portfolio. With over 70 member business, operators already dedicated to the structure represent more than 30% of global oil and gas production. Go here to access the guide and learn more about the framework and how financiers can track company methane efficiency progress.For financiers looking for a trusted, robust and transparent reporting standard, the OGMP reporting framework is the clear industry leader. It provides business a centralized, standardized and transparent reporting procedure for methane decrease efficiency and permits stakeholders to credibly differentiate market leaders and laggards. The objective is to guide industry toward deep reductions in methane emissions over the next decade in a manner that is accessible and visible to civil society, federal governments and investors.Better measurement & & reportingThe structure will produce much better, cleaner and more trustworthy methane reporting. For example, getting involved companies dedicate to routinely determining their methane emissions using rigorous science-based standards, as opposed to approximating emissions with generic emission factor-based computations that have been shown to significantly undervalue actual emissions.Companies likewise agree to measure and report all of their emissions throughout their production possessions, including joint ventures and non-operated possessions. OGMPs measurement-based reporting allows financiers to compare business versus their peers.emissions and targets information from OGMP will be incorporated into the United Nations Environment Programmes International Methane Emissions Observatory, where it will be aggregated and evaluated with other OGMP member information, commissioned science studies, satellite data and other independent measurement-based data sets. Starting in 2023, OGMP data will be validated by MethaneSAT, which will be the most innovative methane tracking satellite in area, efficient in determining methane emissions anywhere on earth.For all these factors, the OGMP framework promises to be the gold requirement in oil and gas methane reporting. This entry was published in Methane. Bookmark the permalink. Both trackbacks and remarks are currently closed.