Demand zero methane from coal and gas companies
PROBLEM
Coal and gas companies: Methane is a huge driver of climate change, caused in part by coal and gas companies[1], including BHP (ASX: BHP), South32 (ASX: S32), Whitehaven Coal (ASX: WHC), Woodside (ASX:WDS), and Santos (ASX:STO).
Methane: Methane is a potent greenhouse gas, 80 times more potent than carbon dioxide over a 20 year period, and is responsible for roughly 30% of global warming.[2]
Methane leaks: There are many ways that methane leaks during coal and gas production. For example, methane is trapped inside of coal seams. When the coal seam is torn apart by mining, the methane is released into the air.[3]
Underestimating: The Climate Change Authority, a government agency, found that the accuracy of estimated methane, mostly from coal and gas projects, “may be” distorted by outdated and “lower order” methods.[4] Put more explicitly, a report by research institute IEEFA found that Australian coal companies were underestimating their methane emissions by 81% and gas companies by 92%.[5]
OPPORTUNITY
Monitoring, disclosure, and mitigation: Coal and gas companies must improve their monitoring, disclosure, and mitigation of methane. If nothing else, because the government is cracking down on emissions from mining, including methane.[6]
Practical solutions: There are practical ways to do this - employ satellites and ground-based technologies to track methane leaks; implement strict leak detection and repair protocols; and support new methane capture technologies.[7]
Buying precious time: Tackling methane could help to slash greenhouse emissions, buying precious time to transition to clean energy and avoid worsening climate change.
Put them on notice: Plans are coming together in the lead up to these coal and gas companies’ Annual General Meetings (AGMs), to use shareholder power to pressure them to accurately monitor and disclose their methane emissions. Pledge to buy or use shares in these coal and gas companies to be part of this vital push.
TAKE ACTION NOW!
Don’t own shares in coal or gas companies? Using the sign up form, pledge your interest to buy shares in coal or gas companies. We’ll let you know when we’ve launched our share trading platform, so you can buy these shares.
Already own shares in coal or gas companies? Using the sign up form, let us know if you already own shares in coal or gas companies via another share trading platform. We’ll keep you informed about how to use your shareholder power.
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References
[1] UN Environment Programme, The Imperative of Cutting Methane from Fossil Fuels - An assessment of the benefits for the climate and health, October 2023, https://www.unep.org/resources/report/imperative-cutting-methane-fossil-fuels-assessment-benefits-climate-and-health
[2] UN Environment Programme, Methane emissions are driving climate change. Here’s how to reduce them, August 2021, https://www.unep.org/news-and-stories/story/methane-emissions-are-driving-climate-change-heres-how-reduce-them
[3] Australian Conservation Foundation, Explained: What is methane?, June 2023, https://www.acf.org.au/explained-what-is-methane
[4] Climate Change Authority, 2023 Review of National Greenhouse and Energy Reporting Legislation, December 2023, https://www.climatechangeauthority.gov.au/sites/default/files/documents/2023-12/2023%20NGER%20Review%20-%20for%20publication.pdf
[5] Institute for Energy Economics and Financial Analysis, Gross under-reporting of fugitive methane emissions has big implications for industry, July 2023, https://ieefa.org/resources/gross-under-reporting-fugitive-methane-emissions-has-big-implications-industry
[6] Australian Conservation Foundation, What does the Safeguard Mechanism mean for slashing climate pollution?, March 2023, https://www.acf.org.au/what-does-safeguard-mechanism-mean-for-slashing-climate-pollution
[7] Healthy Futures, Protect Health: Zero Methane from Australian Mines, March 2023, https://www.healthyfutures.net.au/methane_zero
