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| Mark Brownstein |
Energy security was the hot topic as leadership from the world's oil and gas industry converged on Daegu for the World Gas Conference. The Ukraine crisis has upended global energy markets as Europe seeks new supplies of natural gas to end its dependence on Russia. And Korea, which imports 99 percent of its oil and gas, is feeling this market shock acutely.
Meanwhile, countries scrambling for new gas supplies are simultaneously laboring to reduce greenhouse gas pollution from burning fossil fuels, which is worsening the climate impacts on people and nature in every corner of the Earth.
Some people insist we must choose only one problem to solve: climate security or energy security, not both. In fact, we can't solve either without the other. But how? The bilateral statement by President Yoon Suk-yeol and U.S. President Joe Biden highlights a crucial opportunity to address both these seemingly opposing goals at once ― quickly and with minimal cost.
Reaffirming their climate commitments under the 2015 Paris Agreement, the two leaders promised enhanced cooperation to reduce emissions of methane ― a powerful greenhouse gas responsible for at least 25 percent of the current warming ― in particular, through increased cooperation with Southeast Asia (an opportunity for Korea to play an essential role).
The International Energy Agency estimates oil and gas operators emit 75 million metric tons of methane each year. Besides damaging the climate, it's also a huge energy waste, because natural gas is mostly methane. For example, the methane escaping from the supply chain in Asia-Pacific's energy-producing nations alone could meet at least a third of Korea's residential and commercial gas demand.
Methane waste is especially important for Asia-Pacific countries. Korea, Japan, and China account for half the world's liquefied natural gas trade. By 2050, the region is expected to account for nearly 60 percent of global gas demand growth. Minimizing the methane emissions associated with Asia-Pacific gas supplies is vital to meeting their climate goals.
The Intergovernmental Panel on Climate Change says cutting methane pollution is essential for meeting the Paris Agreement goals, calling for a 34 percent global reduction by 2030, and 50 percent by 2050.
Along with Korea, more than 100 countries have joined the Global Methane Pledge unveiled at last year's Glasgow climate talks to reduce human-caused methane emissions at least 30 percent by 2030. The pledge represents a critical foundation for regional initiatives.
There are other big methane sources. But the oil and gas sector offers the fastest, most cost-effective pathways to cut emissions ― steps as simple as tightening valves and replacing obsolete equipment. The International Energy Agency estimates that Asia-Pacific oil and gas operators could cut emissions 70 percent by 2030, two-thirds of that at no net cost (because methane is also a valuable product).
To help Korea capitalize on this opportunity, Environmental Defense Fund signed an agreement with Seoul National University to help assess and prevent methane leaks from the gas delivery system in Seoul. We will also work with industry, government, and scientists to develop policies and practices to reduce emissions across Korea's gas system, including its important liquefied natural gas import facilities.
The climate benefit of cutting methane emissions is nearly immediate. For Korea and the Asia-Pacific countries to lead on methane, momentum must continue and expand. Collaboration is key to developing strategies that address the region's shared interests.
Reducing the oil and gas industry's needless waste of this asset will help ease the immediate energy crisis while protecting our planet for the long run. These rewards are right there, right now, ready for the taking.
The writer is the senior vice president of energy transition at Environmental Defense Fund, a non-profit organization working around the world to protect the climate.
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