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World energy methane emissions near record high in 2024: IEA, Energy News, ET EnergyWorld

World energy methane emissions near record high in 2024: IEA, Energy News, ET EnergyWorld

Time of India07-05-2025

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Paris: Record fossil fuel production kept planet-heating methane emissions near historic highs last year, the International Energy Agency said Wednesday, warning of a surge in massive leaks from oil and gas facilities.Slashing emissions of methane, second only to carbon dioxide for its contribution to global warming , is essential to meeting international targets on climate change and one of the fastest ways to curb temperature rise.But the IEA warned that countries are considerably underestimating their energy sector methane pollution , estimating that emissions are around 80 per cent higher than the total reported by governments to the United Nations.The energy sector is responsible for around a third of the methane emitted by human activities.It leaks from gas pipelines and other energy infrastructure, and is also deliberately released during equipment maintenance.Tackling this is considered one of the easiest ways to lower emissions because plugging leaks can often be done at little or no cost."However, the latest data indicates that implementation on methane has continued to fall short of ambitions," said IEA Executive Director Fatih Birol.The IEA's Global Methane Tracker report said over 120 million tonnes was released from the fossil fuel sector in 2024, close to the record high in 2019.China has the largest energy methane emissions globally, mainly from its coal sector.The United States follows in second, driven by its oil and gas sector, with Russia third.The IEA said its figures are based on measured data where possible, compared to emissions reported by governments, which can be outdated or estimated using information from the energy sector.Global methane emissions are becoming easier to monitor from space, with more than 25 satellites tracking gas plumes from fossil fuel facilities and other sources.The IEA said that Europe's Sentinel 5 satellite, which just sees the very largest leaks, showed that "super-emitting methane events" at oil and gas facilities rose to a record high in 2024.These huge leaks were observed all over the world, but particularly in the United States, Turkmenistan and Russia.Abandoned oil and gas wells, and coal mines are also significant sources of methane leaking into the atmosphere, the IEA said in new analysis for this year's report.When taken together they would be the "world's fourth-largest emitter of fossil fuel methane", accounting for some eight million tonnes last year.Some 40 per cent of methane emissions come from natural sources, mainly wetlands.The rest are from human activities, particularly agriculture and the energy sector.Because methane is potent but relatively short-lived it is a key target for countries wanting to slash emissions quickly.More than 150 countries have promised a 30 per cent reduction by 2030.Oil and gas firms have meanwhile pledged to slash methane emissions by 2050.The IEA estimated that cutting methane released by the fossil fuel sector would significantly slow global warming, preventing a roughly 0.1 degree Celsius rise in global temperatures by 2050."This would have a tremendous impact, comparable to eliminating all CO2 emissions from the world's heavy industry in one stroke," the report said.Around 70 per cent of annual methane emissions from the energy sector could be avoided with existing technologies.But only five per cent of global oil and gas meets "near-zero" emissions standards, the IEA said.Energy think tank Ember said the fossil fuel industry needs to reduce methane emissions by 75 per cent by 2030 if the world is to meet the target of reducing overall emissions to net zero by the middle of this century.In particular, methane from coal was "still being ignored," said Ember analyst Sabina Assan."There are cost-effective technologies available today, so this is a low-hanging fruit of tackling methane. We can't let coal mines off the hook any longer."

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Critical mineral investments stalled by economic uncertainty despite strong demand outlook: IEA

Investment decisions in the global critical mineral sector face significant market and economic uncertainties, despite strong expectations for future demand growth, according to the International Energy Agency (IEA). In its Global Critical Minerals Outlook 2025, the IEA added that investment momentum in critical minerals development weakened in 2024, rising just 5 per cent compared to 14 per cent in 2023. Adjusted for cost inflation, real investment growth stood at only 2 per cent, reflecting growing economic and market uncertainties despite strong long-term demand expectations. According to IEA, exploration activity plateaued after consistent growth since 2020. While spending rose for lithium, uranium, and copper, it declined sharply for nickel, cobalt, and zinc. The funding in startups also slowed, the IEA report added. The low mineral prices failed to trigger new investments and affected projects led by new market entrants. The report added that diversification is the watchword for energy security, but the critical minerals world has moved in the opposite direction in recent years, particularly in refining and processing. Between 2020 and 2024, growth in refined material production was heavily concentrated among the leading suppliers. As a result, the geographic concentration of refining has increased across nearly all critical minerals, particularly for nickel and cobalt, the report added. The average market share of the top three refining nations of key energy minerals rose from around 82 per cent in 2020 to 86 per cent in 2024 as some 90 per cent of supply growth came from the top single supplier alone: Indonesia for nickel and China for cobalt, graphite and rare earths. The report further notes that, despite surging demand, significant supply expansions--primarily from China, Indonesia, and the Democratic Republic of the Congo--have driven prices down, particularly for battery metals. The IEA said that the swift increase in battery metal production highlighted the sector's ability to scale up new supply more quickly than for traditional metals like copper and zinc. Since 2020, supply growth for battery metals has been twice the rate seen in the late 2010s. As a result, following the sharp price surges of 2021 and 2022, prices for key energy minerals have continued to decline and have returned to pre-pandemic levels. Lithium prices , which had surged eightfold during 2021-22, fell by over 80 per cent since 2023. Graphite, cobalt, and nickel prices also dropped by 10 to 20 per cent in 2024. Critical minerals such as copper, lithium, nickel, cobalt and rare earth elements are essential components of many of today's rapidly growing energy technologies - from wind turbines and electricity networks to electric vehicles. Demand for these materials is growing quickly as energy transitions gather pace.

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