Latin America and the Caribbean’s First Regional Methane Summit: a milestone to cut oil and gas emissions
The first Regional Methane Summit of Latin America and the Caribbean, held in August 2024 in Bogotá, represented a turning point in the region’s efforts to address one of the most urgent challenges of climate change: reducing methane emissions in the oil and gas sector.
It brought together key stakeholders for the energy transition and the decarbonization of our economies, including governments, companies and international observatories, business associations, civil society organizations, and academic institutions.
The meeting underscored that advancing international decarbonization commitments and responding to the challenges of the energy transition requires the participation of all actors across the value chain, fostering coordinated action to reduce these emissions.
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“The gap analysis on the maturity of greenhouse gas emissions inventories in the oil and gas sector highlights the need to strengthen technical capacity and improve data quality across the region.”
“Each country must build internal consensus around a long-term state policy, insulated from electoral and ideological swings, and manage the trilemma of energy security, environmental protection, and universal access to energy.”
“Voluntary efforts will never fully close the gap. There needs to be a legal requirement. We need policies that require companies to implement measurement technologies. Only through policy will we see actions become embedded. We have had great success developing methane import regulations. That will have a major global impact, including in the region. To sell to Europe, it will be necessary to comply with methane standards on reporting and emissions.”
“The UNEP International Methane Emissions Observatory is turning satellite observations into actionable data through its Methane Alert and Response System (MARS). Through MARS, IMEO identifies major methane sources, attributes them to specific facilities and operators, and provides rapid notifications to actors with the ability to take action to reduce emissions.”
“We estimate that of the 8 million tonnes of methane emitted in Latin America by the oil and gas sector, 40% could be reduced at net-zero cost. The gas captured could be sold, and revenues would exceed investment costs.”
“Although all countries have received funding through the GEF to develop inventories, the lack of long-term resources remains a major barrier.”
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Key outcomes of the I Edition
Strategic Partnership with ARPEL
This partnership was formalized through a cooperation agreement that brings ARPEL on board as OEMLAC’s strategic partner and enables joint projects, studies, events, and training activities.
First Regional Event on Methane
Through OEMLAC, OLACDE achieved a major regional step forward by addressing one of the most urgent challenges of climate change: reducing methane emissions in the oil and gas sector.
I Regional Methane Summit
Revisiting Latin America and the Caribbean’s first regional methane summit
The I Regional Methane Summit took the first step toward more coordinated regional action to reduce emissions in Latin America and the Caribbean, consolidating shared priorities and paving the way for effective responses to the climate crisis.
