[Asia Economy Reporter Park Byung-hee] Major foreign media reported on the 9th (local time) that the United States and the European Union (EU) plan to unveil a new joint agreement aimed at reducing methane emissions at the 27th United Nations Climate Change Conference of the Parties (COP27).
Although the specific details of the joint agreement have not been disclosed, a senior EU official explained that the purpose of this joint agreement is to advance international standards for monitoring and reporting methane reductions. The official stated, "The lack of international standards for methane reduction is causing difficulties in methane reduction plans."
In fact, while the US and EU have pledged to regulate methane emissions from oil and gas companies, they have yet to implement substantial regulations.
This joint agreement between the US and EU is based on the 'Global Methane Pledge' held last year in Glasgow, UK. The Global Methane Pledge aims to reduce methane emissions by 30% by 2030 compared to 2020 levels. A total of 119 countries worldwide have signed the pledge, including 13 of the top 20 methane-emitting countries such as Brazil, Indonesia, Mexico, and Nigeria. However, China, India, and Russia did not participate.
Methane is known to have a greenhouse effect 80 times stronger than carbon dioxide during the first 20 years after being released into the atmosphere.
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