[Asia Economy Reporter Kim Suhwan] The European Union (EU) has drafted a bill that includes mandatory methane emission reporting for oil and gas companies.
According to major foreign media on the 22nd (local time), if this bill is enacted, oil and gas operators will be required to estimate and report methane emissions within 12 months.
They must also conduct regular inspections to detect and repair methane leaks.
The bill containing these provisions is still subject to revision, and the European Commission (EC) plans to announce it in December. After the announcement, negotiations between the European Parliament and member states will take place, which could take up to two years.
The EU has faced pressure from activists to regulate methane emissions by forcing overseas companies selling gas to Europe to fix methane leaks. However, measures to compel overseas companies to reduce methane emissions were not included in the draft bill.
Methane is mainly emitted from fossil fuel infrastructure, livestock facilities, and landfills. Although it poses a greater problem for global warming than carbon dioxide, it breaks down faster in the atmosphere, so if reductions are significantly achieved by 2030, it is considered effective in combating climate change.
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