In many of the rich countries of the world, a great deal of effort is being put into reducing emissions. It is true, that these countries are responsible for a large amount of historical emissions. The problem is, that there are a number of so called carbon bombs that are being recognized around the world. Any of these could if unbalanced could emit so much carbon as to virtually eradicate the remaining carbon budget for the human race. These cover all sorts of things, but one that has been going on in the last year is very worrying.
Currently, the statistics state that the UK is emitting more carbon dioxide than all countries but 17. Turkmenistan however is far down the list with emissions at 47. Yet in 2022 methane emissions leaking from just two of their fossil fuel fields caused more global heating than the whole of the UK.
Carbon dioxide has been the main driving force of climate change. It is indeed still going up, and so is a real problem for the world. Methane though is a far more potent warming gas. It is true that methane breaks down faster- only staying in the atmosphere for about 12 years, but while it is there, its warming potential is 80 times higher than carbon dioxide. One possible reason for the spike that is shown in Methane emissions, may be down to a change in practice. In the past, the methane would have been burnt as it leaves the chimney or wherever it is (this is often the flames you can see coming out of the top of one of these places. Venting on the other hand, is just letting the Methane escape into the atmosphere. Neither is good, but burnt methane produces water and carbon dioxide. The problem for fossil fuel extractors, is that if you burn, you put a great big sign to say that you are polluting. Simply letting the methane leak into the atmosphere, on the other hand can go under the radar.
Importantly, not only is tackling these leaks essential to our fight against climate change, but the methane can be sold, which means that it is usually cost neutral.
At the current time Methane is responsible for around 50% of global warming. Each of these leaks are easy to detect. What we now need, is for the penalty to be so heavy that no one takes this easy route. We need both policy makes are investors to know that this practice must end. While flaring is a sign of carbon emissions, we need to become clear whether their absence is good news on the carbon dioxide front, or worse news on the Methane front
