Davos — Major Investment Groups Urge Oil and Gas Companies To Join CCAC Methane Partnership
Leaders from business, government, civil society and the United Nations gathered today in a session in Davos at the World Economic Forum to discuss short-lived climate pollutants and how to gather force to reduce their emissions.
Climate and Clean Air Coalition
The investment groups encouraging industry collaboration with the CCAC and its Methane Partnership - the Institutional Investors Group on Climate Change (IIGCC), the Investor Network on Climate Risk (INCR) and the Investors Group on Climate Change (IGCC) - represent more than 200 institutional investors and see climate change as having "major negative impacts on the global economy and the long-term financial performance of our investments."
The group said in its statement, "We believe that participation in the CCAC Oil and Gas Methane Partnership will help companies to reduce their emissions, improve the efficiency of company operations and enhance the role and credibility of natural gas as a bridge to a low carbon future."
The CCAC's Methane Partnership encourages high-level political and corporate support for reduction of methane emissions from the oil and gas industry.
Methane emissions caused by human activities are one of the most significant drivers of climate change. Methane is a short-lived climate pollutant and a powerful greenhouse gas with an atmospheric lifetime of approximately 12 years. It is at least 84 times more potent than CO2 over a 20-year time horizon and is responsible for more than 15% of global greenhouse emissions. The International Energy Agency estimates that reducing methane releases from upstream oil and gas operations can deliver nearly 20% of the emissions reductions required for a 2-degree Celsius path.
The Climate and Clean Air Coalition to Reduce Short Lived Climate Pollutants is a partnership of governments, intergovernmental organizations, the private sector, the environmental community, and other members of civil society. The Coalition is government-led but is highly cooperative and voluntary. Short-lived climate pollutants are agents that have a relatively short lifetime in the atmosphere-a few days to a few decades-but also a warming influence on climate as well as, in many cases, detrimental impacts on human health, agriculture and ecosystems.