The International Energy Agency (IEA) and COP29 Presidency brought together global decision-makers in New York City to discuss strategies for reducing methane emissions from the energy sector.
The high-level event, held during the United Nations General Assembly and Climate Week NYC, attracted approximately 100 participants, including ministers, executives, and heads of international organisations.
IEA Executive Director Fatih Birol and COP29 President-Designate Mukhtar Babayev chaired discussions focusing on action plans to reduce methane emissions from fossil fuels.
Participants explored how financial institutions and regional collaboration could support the implementation of methane abatement pledges.
The event highlighted the importance of incorporating methane reduction into the next round of Nationally Determined Contributions under the Paris Agreement.
Attendees included European Commissioner for Energy Kadri Simson, Germany’s Special Envoy for International Climate Action Jennifer Morgan, and United States Special Climate Envoy John Podesta, among other notable figures.
Methane’s significant impact on global warming was emphasised, with emissions from the energy sector remaining near record highs in 2023.
However, recent policy announcements and pledges from COP28 have shown potential for future decline.
Dr Birol expressed encouragement at the increased focus on cutting methane emissions, stating: “If they are fully implemented, the pledges made by countries and companies in the past year could have a huge impact.”
He emphasised that many solutions to tackle methane emissions are proven and cost-effective.
COP29 President-Designate Babayev highlighted the presidency’s commitment to addressing methane emissions from all sources.
He announced plans to co-host a summit on methane and non-CO2 greenhouse gases with the US and China, emphasising the importance of financial solutions in turning pledges into progress.
The IEA will follow up with a series of technical workshops focused on regional challenges and opportunities for tackling methane emissions.
The first workshop, scheduled for October 2 during Baku Climate Action Week, will concentrate on the Caucasus and Central Asia.
Additionally, the IEA, UN Environment Programme’s International Methane Emissions Observatory, and Environmental Defense Fund released a new report outlining a framework to support and report progress by oil and gas companies towards their emissions and flaring targets.
The first independent assessment using these metrics is planned for next year.
This event underscores the growing global momentum to address methane emissions as a critical component of climate action, with leaders from various sectors coming together to develop practical strategies and foster international collaboration.
