- President Biden and the Environmental Protection Agency (EPA) announced more rigorous standards to cut methane emissions. The proposal targets drilling sites, including smaller wells that emit less than three tons of methane per year, by requiring them to be monitored for leaks until they are closed. It also compels site operators to respond to credible third-party reports of high-volume methane leaks and tightens regulations on flaring.
- The EPA projects that these new requirements, in combination with other methane emission reduction initiatives that President Biden mentioned in his speech, will cut 87 percent of methane emissions from the pollution sources it regulates by 2030 from 2005 levels.
- President Biden highlighted the plan in his remarks at the conference: “cutting methane by at least 30 percent by 2030 can be our best chance to keep within reach of 1.5 degrees Celsius target.”
- The United Nations (UN) bolstered President Biden’s announcement by broadcasting that it will launch a new public database of global methane leaks detected by space satellites in order to encourage groups to reduce methane emissions.
- President Biden additionally launched a range of other projects that address climate resilience, adaptation, climate finance and climate equity. They include:
- Doubling the United States’ commitment to the Adaptation Fund launched in Glasgow to a total of $100 million.
- Committing $150 million to support the Adaptation in Africa Initiative by financing projects which enhance adaptation studies and projects, expanding access to risk-based insurance for vulnerable peoples and supporting food security projects in the region.
- Dedicating $20 million to address sudden climate adaptation in small island developing states by funding climate monitoring technology.
- Supporting climate-affected vulnerable migrants through a $5-million-dollar trust fund.
- Investing $250 million to deploy new wind and solar energy and decommission natural gas generation projects in Egypt.
- Expanding the global Methane Pledge by welcoming new partners and strengthening methane emission regulation.
- Launching the Green Shipping Challenge to reduce emissions in the shipping industry.
- Investing in two small modular reactors (SMR) technology projects.
- Establishing an International Climate Hub for Climate-Smart Agriculture.
- Encouraging governments, jurisdictions and businesses to develop net-zero commitments.
- Developing climate finance through supporting green bonds, financing climate adaption, and resilience business proposals and launching the Sustainable Banking Alliance.
- Supporting climate gender equity, youth-focused, and indigenous peoples’ tailored climate finance projects.
- A group of countries that represent more than half of the global economy, including the United States, Germany, Canada and Japan, announced their commitment to twenty-five “Priority Actions” that they will unveil at COP 28.
- This initiative, originally called the “Breakthrough Agenda,” highlights phasing out gasoline-driven vehicles, addressing emissions in the agricultural industry and investing in clean hydrogen, among other actions.
- The UN International Organization for Standardization (ISO) launched a set of guidelines that help organizations craft “clear” net-zero emissions plans. ISO’s guidelines were developed by 1,200 organizations and experts from over 100 countries.
- Germany’s climate envoy asserted that the list of countries that are considered developed, and therefore liable for providing climate finance to developing countries, should be updated to include countries experiencing large economic growth like China.
COP 27: Top News for the Fifth Day of Events
By: Kenneth J. Markowitz, Christopher A. Treanor, Kerry Mackenzie
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