Could a single methane moonshot outpace 1,000 carbon cuts?

Source: Could a single methane moonshot outpace 1,000 carbon cuts?

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By Mark Harris

March 30, 2023

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Nobody talks about their methane footprint, but maybe they should. The gas in natural gas is 85 times worse for the greenhouse effect than carbon dioxide. So even though the world has been releasing gigatons of fossil carbon from coal and oil since the 18th century, the latest IPCC report blames methane for a full third of global warming in the Industrial Era. But methane and CO2 have key differences. Where carbon is pumped out by most cars and many homes today, about two-thirds of all methane is emitted from centralized sources like oil and gas facilities, coal mines, wastewater plants, and landfills. The Inflation Reduction Act (IRA) last year set the stage for a methane moonshot with the US’s first ever fee for emitting a greenhouse gas. 

The Case for Methane Quick Wins

1.  The lowest of hanging fruit. Methane is a more potent greenhouse gas than carbon dioxide, but it only remains in the atmosphere for about 12 years, compared to centuries for CO2. Anything we can do to cut methane emissions today will pay off in our lifetimes, rather than our great-grandkids. We can make a hefty dent in methane emissions simply by capturing gas currently leaking into the atmosphere from refineries and landfill sites. Fewer leaks means more gas to sell. As such, about 40% of methane emissions from oil and gas production could be eliminated without costing a cent, according to the U.S. Energy Information Agency. And a beautifully-illustrated McKinsey report notes that a full 90% of potential methane emission reduction in key industries could be achieved at a cost of less than $25 per ton of carbon-dioxide equivalent —a price sometimes paid in the voluntary carbon markets.