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Methane emissions from the global oil and gas industry fell by an estimated 10 percent in 2020 as producers slashed output in response to the historic shock of the Covid-19 crisis, the International Energy Agency (IEA) said on Monday, warning that these emissions could rebound strongly without greater action by companies, policymakers and regulators. Methane is a much more potent greenhouse gas than carbon dioxide (CO2) and makes a major contribution to global warming.
According to the IEA’s 2021 update of its Methane Tracker, oil and gas operations worldwide emitted more than 70 million tonnes of methane into the atmosphere last year. This is broadly equivalent to the total energy-related CO2 emissions from the entire European Union.
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The new IEA analysis indicates that a large part of the drop in methane emissions in 2020 occurred not because companies were taking more care to avoid methane leaks from their operations, but simply because they were producing less oil and gas. As such, there is clearly a risk that this downward trend will be reversed by an increase in production to fuel a rebound in global economic activity.
“The task now for the oil and gas industry is to make sure that there is no resurgence in methane emissions, even as the world economy recovers, and that 2019 becomes their historical peak. There is no good reason to allow these harmful leaks to continue, and there is every reason for responsible operators to ensure that they are addressed,” IEA Executive Director Fatih Birol said.
“Alongside ambitious efforts to decarbonize our economies, early action on methane emissions will be critical for avoiding the worst effects of climate change. There has never been a greater sense of urgency about this issue than there is today, said Birol.
“To help accelerate these efforts, the IEA is today releasing a ‘how-to’ guide that governments and regulators can use to bring down methane emissions from oil and gas operations.” IEA analysis highlights that reducing methane emissions is very cost-effective for oil and gas companies.
Unlike CO2, there is already a price for methane everywhere in the world — the price of natural gas. This means the costs of improving operations or making repairs to prevent leaks can often be paid for by the value of the additional gas that is brought to market. “We believe that industry must act visibly and quickly,” Birol said.
“But there is also a strong role for government policies; to incentivize early action by companies, push for transparency and improvements in performance, and support innovation in getting results.”
The new IEA report, Driving Down Methane Leaks from the Oil and Gas Industry: A Regulatory Roadmap and Toolkit, offers a step-by-step guide for anyone trying to develop or to update regulation on methane. Its advice draws on analysis of how more than 50 countries, states, or provinces — from the US to Nigeria, from Iraq to China and Russia — have tackled methane emissions from a regulatory perspective.
“In this crucial year for climate action leading up to COP26 in Glasgow in November, this is the moment for governments to raise ambitions not only on CO2 but also on methane,” Birol said. “One important avenue, especially for countries with large oil and gas sectors, will be to include commitments on methane in their new or updated pledges in advance of the COP meeting. This is also the moment for companies to put all their weight behind this effort.”
The case for action is not just environmental or reputational. There are increasing signs that consumers are starting to look carefully at the emissions profile of different sources of gas when making decisions on what to buy. A gas producer without a credible story on methane abatement is also one that is taking commercial risks. (IANS)
Super model and actress Hailey Bieber said she is lucky to have a husband like Justin Bieber, refuting rumours of the ace singer not treating her properly. Hailey was speaking at singer Demi Lovato's podcast '4D With Demi Lovato', dailymail.co.uk reported.
Talking about her popstar husband and rumours around their marriage, Hailey said: "I think one of the biggest things is you have to know what the truth is behind everything. You know, there's so many narratives that float around about me, about him, about us together." She addressed the rumours point blank as she said: "There's one big fat narrative that goes around that's like, 'Justin is not nice to her, and that he mistreats her', and I'm just like, it's so far from the truth, and it's the complete and utter opposite."
Hailey went on to set the record straight about Justin, who she married in 2018. She said: "I really am lucky to say I'm with someone who is extremely respectful of me, who makes me feel special every single day. So when I see the opposite of that, I'm just like, 'Huh?' And everybody around who knows us personally would say the same thing." (IANS/ MBI)
Keywords: Hailey Bieber, Justin Bieber, husband, respectful, truth, married
Among the Tamil epics written during the Sangam age, only a few survived to this day. Manimegalai is one such. It is written as a sequel to the Sillapadikaram, taking the story forward of Kovalan and Madhavi's daughter, Manimegalai. The Sillapadikaram is about the injustice of the Madurai kingdom in the execution of Kovalan, which turned Kannagi, his wife into a goddess seeking vengeance for her husband's death. Kovalan, before his death, has an affair with a court dancer, Madhavi, and his daughter, Manimegalai, is said to begin a different tradition among the Tamils.
The epic, written by Sattanar, introduces Buddhism to Dravidian culture, something that has been alien to them for years. Manimegalai is the protagonist, who flees constantly from the pursuit of Chola prince Udhayakumara, and tries to lead an ascetic life. Throughout the plot, Buddhist tenets are used to avoid the culmination of a love-story. Manimegalai is believed to be the anti-love story sequel to the Sillapadikaram.
A complete work of Tamil epic written by hand on leaves Image source: wikimedia commons
The Sillapadikaram was written by a Jain monk, Illango Adigal, and Sattanar, uses the sequel to question Jainism. It is almost a political battle between two new religions competing for a place in a predominantly Hindu society. Parts of Manimegalai even go to the extent of opening ridiculing Jain practices and beliefs.
Critics of Tamil literature have stated that while the Tamil epics have great poetic significance, they are inferior to other world epics when it comes to clearly portraying religious affiliations. In fact, they refer to the newer religions with an infant's perspective. Some scholars have found that Sillapadikaram has more ethical substance than its sequel, but in and of itself, despite being written by a Jain monk, reads like Hindu poetry (Subhramanya Aiyar, 1906).
Keywords: Manimegalai, Sillapadikaram, Tamil Epic, Sattanar, Ilango Adigal, Chola kingdom, Sangam Age, Buddhism
The Covid-19 pandemic could act as an inflection point to shift India's growth model from being consumption driven to investments-led. In its Ecoscope report, Motilal Oswal Financial Services, said: "With Covid-19 hurting India's 'Household' (HH) and 'Government' sectors adversely, the continuity of strong consumption growth is in question."
"On the contrary, with listed companies' financial positions improving and an uptick in household investments in the Real Estate sector (called physical savings), the narrative of investment-led recovery is gaining momentum." The report prescribed that various economic participants - households, governments, listed companies, and unlisted corporates -- to increase their fixed asset investments in the immediate future based on their financial position.
The Covid-19 pandemic could act as an inflection point to shift India's growth model from being consumption driven to investments-led. | Photo by Fusion Medical Animation on Unsplash
At present, the listed and unlisted corporate sector accounts for only about half of total investments in India. The 'HH' sector including unincorporated enterprises accounts for 35-40 per cent in India's investments, while the remaining 12-13 per cent is contributed by centre and states governments. Besides, the report cited that demand environment is expected to remain subdued due to weak financial position of 'HH' and government sector.
"Despite household investments picking up strongly in 2HFY21, given that Indian households bore the maximum brunt of Covid-led losses in CY20 (and CY21), we believe household spending would remain subdued over the next few years." It further pointed out that unless 'HH', 'Unlisted Corporate', and government sectors can improve their financial positions -- leading to a demand uptick -- a strong revival in investments seems challenging. (IANS/ MBI)
Keywords: India, covid, pandemic, growth, household, government, investment