BP, ExxonMobil, Shell, Statoil and Total are among eight energy companies that have committed to further reduce methane emissions from their natural gas assets.
The firms, which include Eni, Repsol and Wintershall, have also agreed to encourage others across the natural gas value chain – from production to the final consumer – to follow suit.
They have signed a Guiding Principles document, which focuses on continually cutting methane emissions, advancing strong performance across gas value chains, improving accuracy of methane emissions data, advocating sound policies and increasing transparency.
The principles were developed in collaboration with a number of organisations, including UN Environment, International Energy Agency (IEA), International Gas Union and the Oil and Gas Climate Initiative Climate Investments.
The commitment is part of wider efforts by the global energy industry to ensure natural gas continues to play a critical role in helping meet future demand while addressing climate change.
Mark Radka, Head of UN Environment’s Energy and Climate Branch said: “Numerous studies have shown the importance of quickly reducing methane emissions if we’re to meet growing energy demand and multiple environmental goals.
“The Guiding Principles provide an excellent framework for doing so across the entire natural gas value chain, particularly if they’re linked to reporting on the emissions reductions achieved.”