On Wednesday, 14th October 2020, the European Commission published the EU strategy to reduce methane emissions. The strategy focuses on a suite of measures the EU could consider to reduce methane emissions in line with its commitment to climate neutrality by 2050.
bp encourages policy and regulation that help achieve ambitious methane emission reductions. We support the Commission's EU methane emissions strategy and believe it is a solid foundation that all stakeholders can build on.
We are pleased to see the focus on measurement, reporting and verification (MRV), including the use of satellite detection and aerial monitoring. This is something we will be applying to our operated upstream oil and gas sites which will contribute towards our target of 0.20% methane intensity using our measurement approach. Our new measurement approach represents a significant step forward as it shifts our focus from the estimation and calculation on which current protocols largely depend, to a much greater focus on measurement.
We also support the use of the Oil and Gas Methane Partnership, or OGMP, version 2, which is all about enhancing reporting and methane emissions reductions, to inform EU performance standards for natural gas. bp has recently signed up to OGMP V2.
In its strategy, the European Commission recognizes the need for international cooperation with fossil fuel producing countries and companies. As this is an important aspect of reducing global methane emissions, we support the range of international actions proposed by the Commission.
We look forward to continuing our work with the EU, its member states and international companies to make implementation of the EU methane strategy a success.
BP plc published this content on 19 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 October 2020 19:44:00 UTC