Pricing methane emissions out of the atmosphere

America's first nationwide price on a greenhouse gas does not go far enough

Photo by Katie Rodriguez on Unsplash

Methane traps ~30 times as much heat in the atmosphere over a 100 year period than carbon dioxide. However, over 20 years methane’s global warming potential is estimated to be ~85 times greater than that of CO2.¹

In short, methane (CH4) is a potent greenhouse gas.

It’s potency is why governments are increasingly focusing on abating methane emissions wherever possible. Cutting methane emissions represents one of the best opportunities for reducing near term global warming.

The most recent data in the Global Methane Budget suggests that annual global methane emissions are around 570 Mt. Natural sources, for example wetlands, accounts for 194Mt or around 40% of global methane emissions. This leaves human activity responsible for the remaining 60%. On a global basis the largest human source of methane emissions is thought to be agriculture (145 Mt, 25%), followed closely by the energy sector (129Mt, 23%) and then waste (68Mt, 12%).

Chemical “sinks” in the Earth’s atmosphere and to a smaller degree in the soil act to remove methane emitted from both natural and human sources. Overall though the increase in methane in the atmosphere appears to be accelerating, piling the pressure on policymakers to act.²

At the UN COP26 in Glasgow last year, over 100 other governments committed to cutting methane emissions by 30% by 2030, compared with 2020 levels. The commitment is known as the Global Methane Pledge.³

Despite the good intentions, methane emissions from the oil and gas sector will need to be cut much deeper than 30% if global warming is to be limited to 1.5°C.