Oil & gas emissions 3 times higher than figures being reported: COP27 data

Emissions from oil and gas production worldwide are significantly underreported and are estimated to be three times higher, according to new data released at the UN climate summit (COP27) on Wednesday.

Climate Trace -- a non-profit coalition of organizations which monitors greenhouse gas emissions and publishes emissions inventories using satellite data, artificial intelligence and machine learning -- said half of the 50 largest sources of emissions across the world are oil and gas production fields and their associated facilities.

"Globally, emissions from oil and gas production are significantly underreported, with the data showing that of the countries required to report regularly to the UNFCCC, emissions are as much as three times higher," Climate TRACE said.

The top 14 sources of emissions in the world are oil and gas fields, with the Permian Basin in Texas, the US, being the largest emitter, the latest global emissions inventory showed.

"The top 500 sources represent less than 1 per cent of the total Climate TRACE inventory but accounts for 14 per cent of global emissions for 2021 more than the annual emissions of the United States. 51 per cent of those emissions are from power plants," the coalition said.

Al Gore, former vice-president of the US and a founding member of the Climate Trace coalition, said, "We cannot manage and reduce emissions if we cannot measure them."

"Last year, we found that emissions from oil and gas production were about double what countries reported to the United Nations. With new data on flaring and methane leaks, we estimate actual emissions are likely triple current reports," he said.

"Oil and gas producers are underreporting emissions. The actual measurements are shocking (3 times). It's important because methane has been increasing," he said.

Methane has more than 80 times the warming power of carbon dioxide over the first 20 years after it reaches the atmosphere.

Over 100 countries have signed the Global Methane Pledge (launched in 2021), committing to reducing global methane emissions by at least 30 per cent by 2030 from 2020 levels to keep alive the 1.5 degrees Celsius goal.

India, which is not a part of the Global Methane Pledge, is among the top five methane emitters globally, according to the International Energy Agency.

Gore said Climate TRACE's comprehensive data provides a complete inventory of 72,612 individual sites across 241 countries and territories and emissions from every major sector and sub-sector.

The over 70,000 individual sites including specific power plants, steel mills, urban road networks, and oil and gas fields represent the top known sources of emissions in the power sector, oil and gas production and refining, shipping, aviation, mining, waste, agriculture, road transportation, and the production of steel, cement, and aluminum.