Methane Global Tracker report

Context: Recently, the International Energy Agency (IEA) released its annual Methane Global Tracker report.

About Methane Global Tracker report:

• It is an annual report published by the International Energy Agency (IEA).

Background :

• Methane is a greenhouse gas responsible for 30% of warming since preindustrial times, second only to carbon dioxide.
• Methane is 80 times more potent at warming than carbon dioxide.

Key Findings of the report :

• The report shows that 75% of methane emissions can be reduced with cheap and readily available technology.
• Global Methane Pledge – 150 countries have joined the Global Methane Pledge which aims to reduce methane emissions from human activity by 30% from 2020 levels by 2030.
• India has committed to reducing the emissions intensity of its GDP by 33-35% below 2005 levels by 2030.
• The energy sector accounts for around 40% of total average methane emissions.
• 80% of available options to curb methane emissions can be implemented at net zero cost.
• Implementing methane reduction measures would cost less than 3% of the net income received by the oil and gas industry in 2022.
• Reduction of 75% of natural gas wastage could lower global temperature rise by nearly 0.1 degree Celsius by mid-century.

About the International Energy Agency (IEA) :

• It is an intergovernmental organization established in 1974.
• Headquarters:  Paris
• The IEA is made up of 31 member countries.
• Objective:  to promote reliable, affordable, and clean energy for its member countries and the rest of the world.
• The Agreement on an International Energy Program (IEP Agreement) established the mandates and structure of the IEA under the umbrella of the Organisation for Economic Co-operation and Development (OECD).

Eligibility Criteria for membership:

• A candidate country to the IEA must have crude oil and/or product reserves (Strategic Oil Reserves) equivalent to 90 days of the previous year’s net imports, to which the government has immediate access (even if it does not own them directly) and could be used to address disruptions to global oil supply.
• India became an Associate member of IEA in 2017.
• India inked a Strategic Partnership Agreement with the IEA to strengthen cooperation in global energy security, stability, and sustainability in 2021.
• India’s current strategic oil reserves equal 9.5 days of its requirement.
• India is not a member of the OECD but a key economic partner.
• IEA invited India to deepen its cooperation with IEA by becoming a full Member.

Key publications of IEA :

• World Energy Outlook (WEO)
• Net Zero by 2050: a roadmap for the global energy sector
• Energy Technology Perspectives (ETP)
• Global EV Outlook (GEVO)
• Oil Market Report
• World Energy Investment
• Clean Energy Transitions Programme

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Source: THE INDIAN EXPRESS

Previous Year Questions

Q.1) Consider the following statements: (2022)

1. The Climate Group is an international non-profit organisation that drives climate action by building large networks and runs them.
2. The International Energy Agency in partnership with the Climate Group launched a global initiative “EP100”.
3. EP100 brings together leading companies committed to driving innovation in energy efficiency and increasing competitiveness while delivering on emission reduction goals.
4. Some Indian companies are members of EP100.
5. The International Energy Agency is the Secretariat to the “Under2 Coalition”.

Which of the statements given above are correct?

1. 1,2, 4 and 5
2. 1,3 and 4 only 
3. 2,3 and 5 only
4. 1,2, 3, 4 and 5

Q.2) The term ‘West Taxes Intermediate’, sometimes found in news to a grade of (2020)

1. Crude oil
2. Bullion
3. Rare earth elements
4. Uranium

Q3. In which one of the following groups are all the four countries members of G20? (2020)

1. Argentina Mexico, South Africa and Turkey.
2. Australia Canada, Malaysia and New Zealand
3. Brazil, Iran, Saudi Arabia and Vietnam
4. Indonesia Japan Singapore and South Korea