Europe targets the methane Villains
Global view of methane via the Sentinel 5P satellite, September 2022. Image: SpaceKnow analysis, Google Earth Engine.
LONDON (Callaway Climate Insights) — Only two weeks after the most sophisticated satellite to detect methane gas leaks was placed in orbit, the European Union said it plans to use advanced data on methane to target countries and companies who are the worst polluters, and stop buying energy from them.
We’ll see how much of that is talk versus actual threat, but because of new ways to determine methane leaks that let anyone quickly identify where they are and who is responsible, the actual impact of potential legislation such as this would be powerful.
Scientists have long known that China, the U.S., India, Russia, Iran, and Mexico are the biggest producers of methane, which is some 80 times more harmful than carbon in trapping heat in the atmosphere. But individual companies, and particularly new and existing leaks, are much harder to identify.
Some reports have said only 100 companies are responsible for almost three-quarters of methane production. Any early list would only turn up one U.S. company — Exxon XOM 0.00%↑ . But there are many private coal companies around America who are leaking methane constantly.
Now that new satellite information is coming, it will be easier for governments and regulators to target polluters real-time.
With methane responsible for about a quarter of all climate change we are seeing and feeling today, this data, and targeted follow-up, could have a real impact on reducing emissions quickly. Investors will soon be tracking this stuff themselves if they aren’t already.
