World energy methane emissions near record high in 2024: IEA, Energy News, ET EnergyWorld
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Paris: Record fossil fuel production kept planet-heating methane emissions near historic highs last year, the International Energy Agency said Wednesday, warning of a surge in massive leaks from oil and gas facilities.Slashing emissions of methane, second only to carbon dioxide for its contribution to global warming , is essential to meeting international targets on climate change and one of the fastest ways to curb temperature rise.But the IEA warned that countries are considerably underestimating their energy sector methane pollution , estimating that emissions are around 80 per cent higher than the total reported by governments to the United Nations.The energy sector is responsible for around a third of the methane emitted by human activities.It leaks from gas pipelines and other energy infrastructure, and is also deliberately released during equipment maintenance.Tackling this is considered one of the easiest ways to lower emissions because plugging leaks can often be done at little or no cost."However, the latest data indicates that implementation on methane has continued to fall short of ambitions," said IEA Executive Director Fatih Birol.The IEA's Global Methane Tracker report said over 120 million tonnes was released from the fossil fuel sector in 2024, close to the record high in 2019.China has the largest energy methane emissions globally, mainly from its coal sector.The United States follows in second, driven by its oil and gas sector, with Russia third.The IEA said its figures are based on measured data where possible, compared to emissions reported by governments, which can be outdated or estimated using information from the energy sector.Global methane emissions are becoming easier to monitor from space, with more than 25 satellites tracking gas plumes from fossil fuel facilities and other sources.The IEA said that Europe's Sentinel 5 satellite, which just sees the very largest leaks, showed that "super-emitting methane events" at oil and gas facilities rose to a record high in 2024.These huge leaks were observed all over the world, but particularly in the United States, Turkmenistan and Russia.Abandoned oil and gas wells, and coal mines are also significant sources of methane leaking into the atmosphere, the IEA said in new analysis for this year's report.When taken together they would be the "world's fourth-largest emitter of fossil fuel methane", accounting for some eight million tonnes last year.Some 40 per cent of methane emissions come from natural sources, mainly wetlands.The rest are from human activities, particularly agriculture and the energy sector.Because methane is potent but relatively short-lived it is a key target for countries wanting to slash emissions quickly.More than 150 countries have promised a 30 per cent reduction by 2030.Oil and gas firms have meanwhile pledged to slash methane emissions by 2050.The IEA estimated that cutting methane released by the fossil fuel sector would significantly slow global warming, preventing a roughly 0.1 degree Celsius rise in global temperatures by 2050."This would have a tremendous impact, comparable to eliminating all CO2 emissions from the world's heavy industry in one stroke," the report said.Around 70 per cent of annual methane emissions from the energy sector could be avoided with existing technologies.But only five per cent of global oil and gas meets "near-zero" emissions standards, the IEA said.Energy think tank Ember said the fossil fuel industry needs to reduce methane emissions by 75 per cent by 2030 if the world is to meet the target of reducing overall emissions to net zero by the middle of this century.In particular, methane from coal was "still being ignored," said Ember analyst Sabina Assan."There are cost-effective technologies available today, so this is a low-hanging fruit of tackling methane. We can't let coal mines off the hook any longer."
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Indian Express
2 days ago
- Indian Express
World's biggest banks increased fossil fuel financing by $162 billion in 2024: Report
The world's largest 65 banks committed $869 billion in 2024 to companies in the fossil fuels sector, up from $707 billion in 2023, with State Bank of India (SBI) one of nearly 50 large banks that increased their financing for the same compared to the previous year. 'This growth in fossil fuel finance is troubling because new fossil fuel infrastructure locks in more decades of fossil fuel dependence. As the IEA's (International Energy Agency) 2024 Energy Investment Outlook report states, '(a)chieving net zero emissions globally by 2050 would mean annual investment in oil, gas, and coal falls by more than half' by 2030,' said the Fossil Fuel Finance Report 2025 by a group of eight environment organisations together called Banking on Climate Chaos Coalition. To be sure, SBI accounted for only a fraction of the total fossil fuel financing in 2024 and only saw a small increase last year compared to other lenders. As per the report, SBI was the only Indian bank in the top 65 with a $65 million increase in fossil fuel financing in 2024 from 2023 to $2.62 billion, putting it at the 47th spot out of the 65 banks, up from 49 in 2023. In comparison, JPMorgan Chase retained its top spot in the list as it gave $53.5 billion to fossil fuel companies last year, $15 billion more than it did in 2023. This is more than SBI's total fossil fuel financing of $10.6 billion from 2021 to 2024. Earlier this year in February, SBI Chairman CS Setty said the bank is targeting to be net zero in terms of emissions by 2055. Before that, the bank is aiming to have at least 7.5 per cent of its domestic gross advances to be green advances by 2030. As at the end of the quarter ended March, SBI's domestic advances stood at Rs 36.02 lakh crore. It had sanctioned a combined fund and non-fund-based limit of Rs 20,558 crore for sustainable finance activities. According to Bengaluru-based think-tank Climate Risk Horizons, coal financing is a 'huge blind spot' for Indian banks. 'Among the top 1000 BSE-listed banks as of March 2024, only Federal Bank and RBL Bank have adopted explicit coal exclusion or phase-out policies… The economics are clear: coal is no longer the cheap energy source it once was. Renewable energy and storage can now provide electricity at or below the cost of coal, with continued cost declines likely,' the think-tank's analysts said in a post in March 2025 warning that Indian banks were falling behind in the sustainable finance race. The report found that fossil fuel financing by the world's largest banks rose in 2024 after declining in 2023 came amid watering down of exclusion policies and policy rollbacks. '…what was once largely a North American trend is now going global. European banks –often seen as more progressive on climate due to the quality of their sector policies – also began backtracking,' it said. In March, American lender Wells Fargo scrapped plans to become net zero by 2050, weeks after US President Donald Trump signed an executive order announcing the country's withdrawal from the Paris Agreement. The US' withdrawal — which will take effect in early 2026 and see the world's largest economy join Iran, Libya, and Yemen as those not party to the Paris Agreement — has been part of a series of steps taken by the Trump administration to promote fossil fuels even in the face of 2024 being the hottest year ever recorded. In January, the US Treasury Department withdrew its membership of the Network of Central Banks and Supervisors for Greening the Financial System —a voluntary global coalition that looks to mobilise green finance and develop recommendations for climate-risk management in the financial sector — as part of the aforementioned executive order signed by Trump. And ahead of Trump's inauguration, the US' six largest banks left the UN-sponsored Net Zero Banking Alliance. A committee of the US Senate also approved draft legislation this week that would hit key tax incentives for clean energy. The increase in fossil fuel financing by banks in 2024 marked a reversal of decreasing lending to the segment. While nearly $3.3 trillion has been made available to fossil fuel businesses since 2021, the 65 banks in the 2025 report have committed $7.9 trillion in fossil fuel financing since the Paris Agreement came into force in 2016. In 2024, financing for acquisitions increased by $19.2 billion to $82.9 billion. While mergers and acquisitions don't directly create new infrastructure, 'this consolidation — for which bank financing is critical — is often an attempt to grow the power and competitiveness of fossil fuel companies, at a time when the world actually needs to phase out fossil fuels', the report said. Siddharth Upasani is a Deputy Associate Editor with The Indian Express. He reports primarily on data and the economy, looking for trends and changes in the former which paint a picture of the latter. Before The Indian Express, he worked at Moneycontrol and financial newswire Informist (previously called Cogencis). Outside of work, sports, fantasy football, and graphic novels keep him busy. ... Read More
Time of India
2 days ago
- Time of India
Europe's lithium quest hampered by China and lack of cash
Europe's ambition to be a world player in decarbonised transportation arguably depends on sourcing lithium abroad, especially in South America. Even the bloc's broader energy security and climate goals could depend on securing a steady supply of the key mineral, used in batteries and other clean energy supply chains. But Europe has run into a trio of obstacles: lack of money, double-edged regulations and competition from China, analysts told AFP. China has a major head start. It currently produces more than three-quarters of batteries sold worldwide, refines 70 percent of raw lithium and is the world's third-largest extractor behind Australia and Chile, according to 2024 data from the United States Geological Survey. To gain a foothold, Europe has developed a regulatory framework that emphasises environmental preservation, quality job creation and cooperation with local communities. It has also signed bilateral agreements with about 15 countries, including Chile and Argentina, the world's fifth-largest lithium producer. But too often it fails to deliver when it comes to investment, say experts. "I see a lot of memoranda of understanding, but there is a lack of action," Julia Poliscanova, director of electric vehicles at the Transport and Environment (T&E) think tank, told AFP. "More than once, on the day that we signed another MoU, the Chinese were buying an entire mine in the same country." The investment gap is huge: China spent $6 billion on lithium projects abroad from 2020 to 2023, while Europe barely coughed up a billion dollars over the same period, according to data compiled by T&E. Lagging investment At the same time, the bottleneck in supply has tightened: last year saw a 30 percent increase in global demand for lithium, according to a recent report from the International Energy Agency (IEA). "To secure the supply of raw materials, China is actively investing in mines abroad through state-owned companies with political support from the government," the IEA noted. China's Belt and Road Initiative funnelled $21.4 billion into mining beyond its shores in 2024, according to the report. Europe, meanwhile, is "lagging behind in investment levels in these areas", said Sebastian Galarza, founder of the Centre for Sustainable Mobility in Santiago, Chile. "The lack of a clear path for developing Europe's battery and mining industries means that gap will be filled by other actors." In Africa, for example, Chinese demand has propelled Zimbabwe to become the fourth-largest lithium producer in the world. "The Chinese let their money do the talking," said Theo Acheampong, an analyst at the European Council on Foreign Relations. By 2035, all new cars and vans sold in the European Union must produce zero carbon emissions, and EU leaders and industry would like as much as possible of that market share to be sourced locally. Last year, just over 20 percent of new vehicles sold in the bloc were electric. "Currently, only four percent of Chile's lithium goes to Europe," noted Stefan Debruyne, director of external affairs at Chilean private mining company SQM. "The EU has every opportunity to increase its share of the battery industry." Shifting supply chains But Europe's plans to build dozens of battery factories have been hampered by fluctuating consumer demand and competition from Japan (Panasonic), South Korea (LG Energy Solution, Samsung) and, above all, China (CATL, BYD). The key to locking down long-term lithium supply is closer ties in the so-called "lithium triangle" formed by Chile, Argentina and Bolivia, which account for nearly half of the world's reserves, analysts say. To encourage cooperation with these countries, European actors have proposed development pathways that would help establish electric battery production in Latin America. Draft EU regulations would allow Latin America to "reconcile local development with the export of these raw materials, and not fall into a purely extractive cycle", said Juan Vazquez, deputy head for Latin America and the Caribbean at the OECD Development Centre. But it is still unclear whether helping exporting countries develop complete supply chains makes economic sense, or will ultimately tilt in Europe's favour. "What interest do you have as a company in setting up in Chile to produce cathodes, batteries or more sophisticated materials if you don't have a local or regional market to supply?" said Galarza. "Why not just take the lithium, refine it and do everything in China and send the battery back to us?" Pointing to the automotive tradition in Mexico, Brazil and Argentina, Galarza suggested an answer. "We must push quickly towards the electrification of transport in the region so we can share in the benefits of the energy transition," he argued. But the road ahead looks long. Electric vehicles were only two percent of new car sales in Mexico and Chile last year, six percent in Brazil and seven percent in Colombia, according to the IEA. The small nation of Costa Rica stood out as the only nation in the region where EVs hit double digits, at 15 percent of new car sales.
Time of India
2 days ago
- Time of India
Europe's lithium quest hampered by China and lack of cash
Live Events Europe's ambition to be a world player in decarbonised transportation arguably depends on sourcing lithium abroad, especially in South the bloc's broader energy security and climate goals could depend on securing a steady supply of the key mineral, used in batteries and other clean energy supply Europe has run into a trio of obstacles: lack of money, double-edged regulations and competition from China, analysts told has a major head currently produces more than three-quarters of batteries sold worldwide, refines 70 percent of raw lithium and is the world's third-largest extractor behind Australia and Chile, according to 2024 data from the United States Geological gain a foothold, Europe has developed a regulatory framework that emphasises environmental preservation, quality job creation and cooperation with local has also signed bilateral agreements with about 15 countries, including Chile and Argentina, the world's fifth-largest lithium too often it fails to deliver when it comes to investment, say experts."I see a lot of memoranda of understanding, but there is a lack of action," Julia Poliscanova, director of electric vehicles at the Transport and Environment (T&E) think tank, told AFP."More than once, on the day that we signed another MoU, the Chinese were buying an entire mine in the same country."The investment gap is huge: China spent $6 billion on lithium projects abroad from 2020 to 2023, while Europe barely coughed up a billion dollars over the same period, according to data compiled by T& the same time, the bottleneck in supply has tightened: last year saw a 30 percent increase in global demand for lithium, according to a recent report from the International Energy Agency (IEA)."To secure the supply of raw materials, China is actively investing in mines abroad through state-owned companies with political support from the government," the IEA Belt and Road Initiative funnelled $21.4 billion into mining beyond its shores in 2024, according to the meanwhile, is "lagging behind in investment levels in these areas", said Sebastian Galarza, founder of the Centre for Sustainable Mobility in Santiago, Chile."The lack of a clear path for developing Europe's battery and mining industries means that gap will be filled by other actors."In Africa, for example, Chinese demand has propelled Zimbabwe to become the fourth-largest lithium producer in the world."The Chinese let their money do the talking," said Theo Acheampong, an analyst at the European Council on Foreign 2035, all new cars and vans sold in the European Union must produce zero carbon emissions, and EU leaders and industry would like as much as possible of that market share to be sourced year, just over 20 percent of new vehicles sold in the bloc were electric."Currently, only four percent of Chile's lithium goes to Europe," noted Stefan Debruyne, director of external affairs at Chilean private mining company SQM."The EU has every opportunity to increase its share of the battery industry."But Europe's plans to build dozens of battery factories have been hampered by fluctuating consumer demand and competition from Japan (Panasonic), South Korea (LG Energy Solution, Samsung) and, above all, China (CATL, BYD).The key to locking down long-term lithium supply is closer ties in the so-called "lithium triangle" formed by Chile, Argentina and Bolivia, which account for nearly half of the world's reserves, analysts encourage cooperation with these countries, European actors have proposed development pathways that would help establish electric battery production in Latin EU regulations would allow Latin America to "reconcile local development with the export of these raw materials, and not fall into a purely extractive cycle", said Juan Vazquez, deputy head for Latin America and the Caribbean at the OECD Development it is still unclear whether helping exporting countries develop complete supply chains makes economic sense, or will ultimately tilt in Europe's favour."What interest do you have as a company in setting up in Chile to produce cathodes, batteries or more sophisticated materials if you don't have a local or regional market to supply?" said Galarza."Why not just take the lithium, refine it and do everything in China and send the battery back to us?"Pointing to the automotive tradition in Mexico, Brazil and Argentina, Galarza suggested an answer."We must push quickly towards the electrification of transport in the region so we can share in the benefits of the energy transition," he the road ahead looks vehicles were only two percent of new car sales in Mexico and Chile last year, six percent in Brazil and seven percent in Colombia, according to the small nation of Costa Rica stood out as the only nation in the region where EVs hit double digits, at 15 percent of new car sales.
